Connect with us

Altcoins

Genesis Coin Inc, Powering 35% of Global Bitcoin ATM Transactions, Acquired by Bitstop Founders

Miami, Florida, 24th January, 2023, Chainwire Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide announced today that they have been acquired by early 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 […]

The post Genesis Coin Inc, Powering 35% of Global Bitcoin ATM Transactions, Acquired by Bitstop Founders appeared first on CoinJournal.

Miami, Florida, 24th January, 2023, Chainwire

Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide announced today that they have been acquired by early 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, FL with over 2,500+ Bitcoin ATMs worldwide. Genesis Coin and Bitstop represent over 75+ operators operating 12,000+ Bitcoin ATMs in the United States and international markets powering billions of dollars in annual sales volume.

As part of the acquisition, Andrew Barnard will become Chief Executive Officer and Doug Carrillo will become Chief Strategy Officer and both will join the Board of Directors of Genesis Coin. Evan Rose, Genesis Coin’s founder, will stay on as a technical advisor and remain a member of the company’s Board of Directors. The Genesis Coin headquarters will move to Miami, Florida.

“Genesis Coin gave birth to the Bitcoin ATM industry,” said Barnard. “It’s the first and largest Bitcoin ATM software platform in The World. Evan built a platform trusted by some of the largest Bitcoin ATM operators in our industry, both domestically and internationally, including the Chivo network in partnership with the Government of El Salvador.

Our industry is now rapidly changing and Genesis Coin will lead the way into the future. Accomplishing this requires a solid team of world-class visionaries and developers. At Bitstop, we built an incredible software team and platform which has partnered with some of the largest companies both private and publicly traded from the traditional ATM industry. We plan to bring our background and expertise 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,” furthered Barnard.

“Andrew, Doug, and I have been friends for a long time and have also been friendly competitors,” commented Rose. “They have a reputation for their innovative and creative thinking. In addition, 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 build great products. This transaction represents the coming together of the two leading software platforms in the industry and creates value for both companies’ stakeholders. It combines the best product, engineering, and leadership teams in the space. I’m thrilled to work alongside them and look forward to introducing very exciting new products and services we have planned for this year,” commented Rose.

Barnard, Carrillo and Rose stressed the importance of continuing to provide stability to both platforms and continuing to service the needs of operators on both platforms. For the time being, both the Genesis Coin and Bitstop platforms will continue to run independently while exploring technical synergies. Genesis Coin has already made several key hires to its development team with a core focus on product development.

“This acquisition represents the most significant event in the Bitcoin ATM industry to date,” said Carrillo. “Our commitment is to provide Genesis Coin with the proper 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 evolving into its next phase. We are hyper-focused on building the best software for Bitcoin ATMs 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 industry organic M&A activity today is occurring on the Genesis Coin and Bitstop networks.” concluded Carrillo.

“Leverage dominated the entire cryptocurrency space over the last two years. Many other platforms in our industry couldn’t resist the siren song,” said Barnard. “This is a capital-intensive industry where you do not want to be in a lot of 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 operators can build their future on the Genesis Coin platform with confidence. In a volatile industry, we are a beacon of stability. We are bullish on 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 very best operators and support their growth. Our goal is to listen to our operators and deliver the very best products and features to them so they can deliver maximum value to their customers at scale,” concluded Barnard.

About Genesis Coin

Genesis Coin is the first and largest white-label Bitcoin ATM network worldwide. We are the premier provider of autonomous vending solutions for bitcoin. Genesis Coin’s proprietary managed infrastructure software solution has propelled it to become the largest provider of Bitcoin ATMs and software facilitating self-service buying and selling billions of dollars in cryptocurrencies across the world annually. Genesis Coin’s software provides customers with a reliable, tailored operating platform. Genesis Coin delivers its software by selling BTMs to third-party operators who provide opportunities for businesses looking to diversify their revenue and drive foot traffic to their locations. Our machines make bitcoin simple for everyone. www.bitcoinatm.com

Contact

CEO, Andrew Barnard, Genesis Coin Inc, [email protected]

The post Genesis Coin Inc, Powering 35% of Global Bitcoin ATM Transactions, Acquired by Bitstop Founders appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Altcoins

Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens

FLOKI’s price has rallied by over 100% in the past week. It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal. The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens. The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and […]

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

  • FLOKI’s price has rallied by over 100% in the past week.
  • It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal.
  • The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens.

The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. As reported in our earlier news, the proposal was opened for voting on January 27 causing significant price movements immediately after it was announced.

The voting proses was concluded on January 29 with 99.97% of the participants voting in favour of the proposal.

Screenshot of how Floki Inu DAO voted. Source: snapshot.org

 The price of FLOKI token has surged slightly because of the news, with the token gaining about 8% at press time to trade at $0.00002415.

What next after approving the proposal?

According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are:

  • The original Floki cross-chain bridge.
  • The 3% tax on the FLOKI token.

The proposal sought to have the original cross-chain bridge disabled and the tokens in the bridge burned since the bridge posed some vulnerability threats. Floki Inu narrowly dodged a bullet last year when the cross-chain bridge was briefly exploited forcing the team to quickly disable the bridge to limit the exploit’s impact.

Now that the DAO has voted to pass the proposal, the team will go ahead and disable the main cross-bridge and embark on burning the FLOKI tokens that were in the bridge. The 3% buy and sell FLOKI transaction tax will also be drastically reduced to a 0.3% tax which is the default tax/fee on most decentralized exchanges like Uniswap (UNI/USD).

On timelines, the FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on February 3, 2023, while the 4.97 trillion tokens will be permanently burnt at 8 PM UTC on February 9, 2023. As of the price of FLOKI today, the planned token burn is worth about $100 million.

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!