Location/Date: Miami, FL – January 24, 2023 7:57 PM UTC · Read in 5 minutes
Contact: Andrew Barnard, CEO, Source: Genesis Coin Inc
Genesis Coin Inc, the world’s first and largest Bitcoin ATM software platform, today announced that it has been acquired by early Bitcoin ATM pioneers Andrew Bernard and Doug Carrillo.
Founded in 2013, Genesis Coin’s technology powers approximately 35% of global Bitcoin ATM transactions. Barnard and Carrillo, also the founders of Bitstop, built the first and largest privately-labeled Bitcoin ATM platform based in Miami, Florida, where he installed over 2,500 of his Bitcoin ATMs worldwide. . Genesis Coin and Bitstop represent over 75 operators in the U.S. and international markets, where he operates over 12,000 Bitcoin ATMs and supports billions of dollars in annual revenue.
As part of the acquisition, Andrew Bernard will become Chief Executive Officer and Doug Carrillo will become Chief Strategy Officer, both of whom will join Genesis Coin’s Board of Directors. Genesis Coin founder Evan Rose will remain a technical advisor and a member of the company’s board of directors. Genesis Coin’s headquarters will move to Miami, Florida.
Bernard said:
“Genesis Coin created the Bitcoin ATM industry. It is the first and largest Bitcoin ATM software platform in the world. We have built a platform trusted by ATM operators.”
Bernard further states:
“Our industry is currently changing rapidly, and Genesis Coin will lead the way into the future. To achieve this, we need a strong team of world-class visionaries and developers. Bitstop We have built an amazing software team and platform that has partnered with both private and public companies in the traditional ATM industry.We are dedicated to building the best technology and team in the Bitcoin ATM industry. We plan to bring our background and expertise to Genesis Coin, which we believe will be a win-win for all stakeholders.”
Rose commented:
“Andrew, Doug, and I have been friends and friendly competitors for a long time,” Rose commented. We have successfully developed key relationships in the coin space and our technical expertise and knowledge of Bitcoin is very impressive, helping us to attract and retain top talent and build great products. The transaction represents the convergence of two industry-leading software platforms and creates value for the stakeholders of both companies, combining the best product, engineering and leadership teams in the space. We are thrilled to be working with them and look forward to introducing them to the very exciting new products and services we have planned for this year.”
Barnard, Carrillo, and Rose emphasized the importance of continuing to provide stability to both platforms and to continue to service operator needs on both platforms. For the time being, both the Genesis Coin and Bitstop platforms will continue to operate independently while exploring technical synergies. Genesis Coin has already hired several key talents for its development team focused on product development.
Carrillo concluded:
“This acquisition represents the most significant event in the Bitcoin ATM industry to date,” said Carillo. “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 we will be the catalyst for the evolution of the ATM industry to the next stage.We are very focused on building the best software for Bitcoin ATMs in the world today. The most sophisticated operators rely on Genesis Coin and Bitstop technology to power their businesses, as a result of which organic M&A activity in nearly every industry today is occurring on the Genesis Coin and Bitstop network. In the coin ATM space, we have become the “standard”. ”
Bernard said:
“For the past two years, leverage has dominated the entire crypto world. Many other platforms in our industry have been unable to resist Siren Song. It is an intensive industry.Genesis Coin is financially secure due to its strong balance sheet, no debt and strong cash flow.The company has no outside investors.As a result, the operator can invest on the Genesis Coin platform. You can build the future with confidence.In a volatile industry, we are a stable light.We are bullish about the potential of this industry.In the next decade, the market will grow significantly from here. We believe we are best positioned to unite and support the growth of the best operators in the industry. products and features to enable operators to deliver maximum value to their customers at scale.”
About Genesis Coin
Genesis Coin is the first and largest white label Bitcoin ATM network around the world. We are the premier provider of Bitcoin vending solutions. Genesis Coin’s proprietary managed infrastructure software solutions are propelling it to become the largest provider of Bitcoin ATMs and software that facilitates the self-service buying and selling of billions of dollars of cryptocurrencies worldwide each year. Genesis Coin’s software provides customers with a highly reliable and customized operating platform. Genesis Coin provides the software by selling BTM to third party operators. Third-party operators offer an opportunity for businesses looking to diversify their revenue and drive traffic to their location. Our machine makes Bitcoin simple for everyone.
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