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Miami, Florida–(Newsfile Corp. – January 24, 2023) – Genesis Coin Inc., the world’s first and largest Bitcoin ATM software platform, today announced the acquisition of Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo. Founded in 2013, Genesis Coin Inc accounts for approximately 35% of Bitcoin ATM transactions worldwide. Barnard and Carrillo, who also founded Bitstop, became the first and largest private-label Bitcoin ATM platform based in Miami, FL, with over 2,500 Bitcoin ATMs worldwide. Genesis Coin and Bitstop represent 75+ operators operating over 12,000 Bitcoin ATMs in the US and international markets with billions of dollars in annual sales.
Left to right: Doug Carrillo, Evan Rose, Andrew Barnard
As part of the acquisition, Andrew Barnard will become Chief Executive Officer and Doug Carrillo will become Chief Strategy Officer, and both will join Genesis Coin’s Board of Directors. Genesis Coin founder Evan Rose will remain as a technical advisor and member of the company’s Board of Directors. Genesis Coin headquarters will move from Puerto Rico to Miami, Florida.
“Genesis Coin gave birth to the Bitcoin ATM industry,” Barnard said. “This is the first and largest Bitcoin ATM software platform in the world. In partnership with the Government of El Salvador, Evan has built a platform trusted by the largest Bitcoin ATM operators in our industry, both domestically and internationally, including the Chivo network.
“Our industry is changing rapidly right now, and Genesis Coin will lead the way into the future. It takes a solid team of world-class visionaries and developers to make this happen. At Bitstop, we’ve built an incredible software team and platform that’s partnered with some of the biggest companies in the traditional ATM industry, both private, as well as the largest publicly traded companies. We plan to bring our background and experience in building the best technology and team in the Bitcoin ATM industry to Genesis Coin. We believe this is a win-win for all stakeholders,” Barnard continued.
“Andrew, Doug and I have been friends for a long time and we’re also friendly rivals,” Rose said. “They have earned a reputation for innovative and creative thinking. In addition, they have been successful in building key relationships in the Bitcoin space, and their technical expertise and knowledge of Bitcoin is impressive. This, in turn, has enabled them to attract and retain top-level talent and great create products. This transaction represents the coming together of two industry-leading software platforms and creates value for both companies’ stakeholders. It brings together the best product, engineering and leadership teams in the space. I’m extremely excited to work with them and this year I look forward to introducing the very exciting new products and services we have planned for,” commented Rose.
Barnard, Carrillo and Rose emphasized the importance of ensuring stability on both platforms and continuing to serve the needs of operators on both platforms. For now, both the Genesis Coin and Bitstop platforms will continue to operate independently while they explore technical synergies. Genesis Coin has already made several key hires to its development team with a major focus on product development.
“This acquisition represents the most significant event to date in the Bitcoin ATM industry,” Carrillo said. “Our commitment is to provide Genesis Coin with the necessary resources 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’s next phase. We are the best in the world for Bitcoin ATMs.” focused on software development. Today, the most sophisticated operators in our industry rely on Genesis Coin and Bitstop technologies to power their businesses. The Standard in the Bitcoin ATM space today, where virtually all industry organic M&A activity occurs on the Genesis Coin and Bitstop networks,” said Carrillo.
“Over the past two years, leverage has dominated the entire cryptocurrency space. Many other platforms in our industry have not been able to resist the siren song,” Barnard said. “This is a capital intensive industry where you don’t want to be heavily in debt. Genesis Coin is financially secure with a strong balance sheet, debt and strong cash flow. The company has no outside investors. Conclusion This is because operators can confidently build their future on the Genesis Coin platform. 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 best positioned in the industry to connect the best operators and support their growth. Our goal is to listen to our operators and bring them the best products and features that they can use in their operations. so they can deliver maximum value to customers at scale,” Barnard said.
About Genesis Coin: Genesis Coin is the world’s first and largest white-label Bitcoin ATM network. We are a leading provider of autonomous sales solutions for bitcoin. Genesis Coin’s privately managed infrastructure software solution has made it the largest provider of Bitcoin ATMs and software worldwide, facilitating billions of dollars in cryptocurrency transactions each year. Genesis Coin’s software provides customers with a secure, customized transaction platform. Genesis Coin provides opportunities for businesses looking to diversify their revenue and drive foot traffic to their locations by selling their software BTMs to third-party operators. Our machines make bitcoin simple for everyone. www.bitcoinatm.com
To view the source version of this press release, visit https://www.newsfilecorp.com/release/152103.