Place/Date: Miami, Florida – January 24, 2023 at 7:57 pm UTC 5 minute read
Contact: Andrew Barnard, CEO, Source: Genesis Coin Inc
Genesis Coin Inc, the world’s first and largest Bitcoin ATM software platform, announced today that it has been acquired by Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo.
Founded in 2013, Genesis Coin’s technology powers approximately 35% of global Bitcoin ATM transactions. Barnard and Carrillo, who also founded Bitstop, built the first and largest private label Bitcoin ATM platform based in Miami, Florida, with more than 2,500 Bitcoin ATMs worldwide. Genesis Coin and Bitstop represent more than 75 operators operating more than 12,000 Bitcoin ATMs in the United States and international markets, generating billions of dollars in annual sales volume.
As part of the acquisition, Andrew Barnard will become CEO and Doug Carrillo will become Chief Strategy Officer with both joining Genesis Coin’s board of directors. Evan Rose, the founder of Genesis Coin, will remain as a technical advisor and will remain a member of the company’s board of directors. Genesis Coin headquarters will move to Miami, Florida.
bernard said:
“Genesis Coin gave birth to the Bitcoin ATM industry. It is the first and largest Bitcoin ATM software platform in the world. Evan built a platform that is trusted by some of the largest Bitcoin ATM operators in our industry, both nationally and internationally, including the Chivo network in partnership with the Government of El Salvador.”
Barnard added:
“Our industry is now changing rapidly and Genesis Coin will lead the way into the future. Achieving this requires a strong team of visionaries and world-class developers. At Bitstop, we built an amazing software team and platform that has partnered with some of the largest companies, both private and public, in the traditional ATM industry. We plan to bring our experience and expertise in building the best technology and equipment in the Bitcoin ATM industry to Genesis Coin. We believe this is beneficial to all concerned.”
rose commented:
“Andrew, Doug and I have been friends for a long time and have also been friendly competitors,” Rose said. “They have a reputation for innovative and creative thinking. Furthermore, they have been successful in establishing key relationships in the Bitcoin space and their technical expertise and knowledge of Bitcoin is very impressive. In turn, this has allowed them to attract and retain top-tier talent and create great products. This transaction represents the coming together of the two industry-leading software platforms and creates value for both companies’ stakeholders. It combines the best product, engineering and leadership teams in the space. I am delighted to be working with them and look forward to introducing the very exciting new products and services we have planned for this year.”
Barnard, Carrillo and Rose highlighted the importance of continuing to provide stability to both platforms and continuing to serve the needs of operators on both platforms. For the time being, the Genesis Coin and Bitstop platforms will continue to operate independently while exploring technical synergies. Genesis Coin has already made several key hires for its development team with a core focus on product development.
Carrillo concluded:
“This acquisition represents the most important event in the Bitcoin ATM industry to date,” said Carrillo. “Our commitment is to provide Genesis Coin with the right resources it needs to pave the way for continued growth and innovation. We truly believe that this new combination of the best minds in our space will be the catalyst for the Bitcoin ATM industry to evolve into its next phase. We are very focused on building the best Bitcoin ATM software in the world. Today, the most sophisticated operators in our industry rely on Genesis Coin and Bitstop technology to power their businesses. As a result, we have become ‘The Standard’ in the Bitcoin ATM space, where virtually all organic M&A activity in the industry today takes place on the Genesis Coin and Bitstop networks.”
bernard said:
“Leverage dominated the entire cryptocurrency space in the last two years. Many other platforms in our industry could not resist the siren song. This is a capital intensive industry where you don’t want to go into deep debt. Genesis Coin is financially secure with a strong balance sheet, no debt, and strong cash flow. The company does not have external investors. The result of this is that traders can build their future on the Genesis Coin platform with confidence. In a volatile industry, we are a beacon of stability. We are optimistic about the potential of this industry. We see significant market growth from here over the next 10 years. We believe we are in the best position in the industry to unite the best operators and support their growth. Our goal is to listen to our operators and offer them the best products and features so they can deliver maximum value to their customers at scale.”
About Genesis Coin
Genesis Coin is the first and largest white label Bitcoin ATM network all over the world. We are the leading provider of autonomous bitcoin sales solutions. Genesis Coin’s proprietary managed infrastructure software solution has propelled it to become the largest Bitcoin software and ATM provider facilitating the buying and selling of billions of dollars worth of cryptocurrency around the world annually. Genesis Coin software provides clients with a reliable and customized trading platform. Genesis Coin offers its software by selling BTMs to third-party operators providing opportunities for businesses looking to diversify their revenue and attract foot traffic to their locations. Our machines make bitcoin simple for everyone.
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