Genesis Coin Inc., a powerhouse driving 35% of worldwide Bitcoin ATM transactions, has officially been taken over by the founders of Bitstop.
Miami, Florida, 24th January, 2023, Chainwire
Today, Genesis Coin Inc., recognized as the first and most extensive Bitcoin ATM software platform globally, announced its acquisition by Andrew Barnard and Doug Carrillo, pioneers in the Bitcoin ATM industry.
Founded in 2013, Genesis Coin's advanced technology now handles about 35% of all Bitcoin ATM transactions across the globe. Barnard and Carrillo, who established Bitstop, created the first major private-label Bitcoin ATM platform right in Miami, FL, boasting more than 2,500 Bitcoin ATMs worldwide. Together, Genesis Coin and Bitstop serve over 75 operators, managing upwards of 12,000 Bitcoin ATMs in both U.S. and international markets, which generate billions in annual revenue.
Following the acquisition, Andrew Barnard will take the helm as the Chief Executive Officer, while Doug Carrillo will assume the role of Chief Strategy Officer, both joining the Board of Directors of Genesis Coin. Meanwhile, Evan Rose, the founder of Genesis Coin, will remain engaged as a technical advisor and stay on the Board. The headquarters of Genesis Coin will be relocated to Miami, Florida.
“Genesis Coin launched the Bitcoin ATM sector,” Barnard commented. “It's the foremost and most expansive Bitcoin ATM software platform in the world. Evan has established a system that is relied upon by many of the industry's top Bitcoin ATM operators, including the Chivo network, which collaborates closely with the Government of El Salvador.” He emphasized that Genesis Coin is poised to lead the industry into the future. “To make this happen, we need a top-notch team of world-class innovators and developers. At Bitstop, we've created a remarkable software team and platform that collaborates with numerous major players in both the private and public sectors of the traditional ATM industry. Our intention is to leverage our experience in crafting superior technology and teams within the Bitcoin ATM community and bring that expertise to Genesis Coin. We see this as a mutually beneficial situation for all parties involved,” Barnard added.
Our industry is now rapidly changing “Andrew, Doug, and I go way back; we’ve had our friendly rivalries,” stated Rose. “Their reputation for innovative and creative thinking precedes them. They've also made significant headway in forming crucial connections within the Bitcoin ecosystem, and their technical acumen is truly noteworthy. This strong foundation has enabled them to attract top-tier talent and deliver outstanding products. This merger marks a crucial moment where two leading platforms in the industry unite, delivering enhanced value to the stakeholders of both companies by combining excellent products, engineering capabilities, and leadership. I’m genuinely excited to partner with them and can’t wait to unveil some thrilling new products and services we have in the pipeline for this year,” added Rose.
Barnard, Carrillo, and Rose all emphasized the necessity of maintaining stability across both platforms while also ensuring that operators' needs continue to be met. For the time being, the Genesis Coin and Bitstop platforms will operate separately while they seek out technical synergies.
Genesis Coin has already made a number of key appointments to its development team with a primary emphasis on product enhancement. “This acquisition signifies an unprecedented development in the Bitcoin ATM landscape,” Carrillo remarked. “Our goal is to equip Genesis Coin with the resources it requires for sustained growth and innovation. We are profoundly convinced that our combined expertise will act as a springboard for the Bitcoin ATM sector, ushering it into an exciting new era. We are intensely focused on creating the most advanced software available for Bitcoin ATMs globally, with the most sophisticated operators in our industry already depending on Genesis Coin and Bitstop’s technology to fuel their enterprises. Consequently, we have emerged as 'The Standard' within the Bitcoin ATM realm, where a vast majority of industry mergers and acquisitions currently revolve around Genesis Coin and Bitstop networks,” concluded Carrillo. “The leverage that plagued the entire cryptocurrency landscape in the last couple of years has been a major concern,” Barnard stated. “Many platforms in our sector succumbed to that temptation. This industry demands substantial capital, and accruing extensive debt is not advisable. Genesis Coin stands on firm financial ground with a robust balance sheet, zero debt, and strong cash flow—without any external investors. This stability allows operators to confidently build their futures on the Genesis Coin platform. In an unpredictable field, we serve as a model of stability. We are very optimistic about the potential for growth in this industry, anticipating significant market expansion over the next decade. We believe we hold the prime position in the industry to unite premier operators and facilitate their growth. We are dedicated to listening to our operators and providing them with top-quality products and features that enable them to deliver exceptional value to their customers on a large scale,” Barnard concluded.
Genesis Coin stands as the first and largest white-label Bitcoin ATM network around the globe, positioning itself as the leading provider of automated cryptocurrency vending solutions. The proprietary managed infrastructure software developed by Genesis Coin has established the company as the top provider of Bitcoin ATMs, allowing for the buying and selling of billions of dollars in cryptocurrencies every year. Their software not only allows for reliable and personalized operating platforms but is also sold to third-party operators, creating opportunities for businesses to diversify their revenue streams and increase foot traffic. Essentially, our Bitcoin ATMs simplify the process of acquiring Bitcoin for everyone. Please be aware that the information on this page is not intended to be construed as legal, tax, investment, financial, or any form of advice. It’s essential to invest only what you can afford to lose and to seek independent financial guidance if you're uncertain. For additional insights, we suggest reviewing the terms, conditions, and assistance pages provided by the issuer or promoter. MetaversePost is committed to delivering accurate and unbiased reporting, although market situations can change rapidly without prior notice. Chainwire stands out as the leading news distribution service for blockchain and cryptocurrency, effectively disseminating press releases and maximizing coverage of crypto-related news.
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About Genesis Coin
Looking ahead to April 2025, key trends and shifts in the crypto landscape are emerging, indicating what lies ahead. www.bitcoinatm.com
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CEO
Andrew Barnard
Genesis Coin Inc
Disclaimer
In line with the Trust Project guidelines In April 2025, there will be a strong emphasis within the crypto industry on enhancing foundational infrastructure, as Ethereum gears up for the Pectra phase.