Genesis Coin Inc., the world’s first and largest bitcoin ATM software platform, announced that Bitstop founders Andrew Barnard and Doug Carrillo have acquired them.
According to the press release sent to Bitcoin Magazine, Genesis Coin technology powers more than 35% of all bitcoin ATM transactions worldwide. Barnard and Carrillo built one of the first and largest private label bitcoin ATM platforms through Bitstop. Based in Miami, FL, Bitstop has over 2,500 bitcoin ATMs around the world.
“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,” the statement said. “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.”
Together, Genesis Coin and Bitstop represent more than 75 operators with more than 12,000 bitcoin ATMs in the United States and internationally, facilitating annual sales volume in the billions of dollars.
Regarding his decision to acquire Genesis Coin, Barnard 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.”
“This transaction represents the coming together of the two industry-leading software platforms and creates value for both companies’ stakeholders,” Rose said. “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.”
According to the statement, for now, the Genesis Coin and Bitstop platforms will continue to operate independently while the teams explore technical synergies.