Genesis Coin Inc., the world’s first and largest bitcoin ATM software platform, announced that it has been acquired by Bitstop Founders Andrew Barnard and Doug Carrillo.
According to a press release sent to Bitcoin Magazine, Genesis Coin’s technology powers 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 more than 2,500 bitcoin ATMs worldwide.
“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,” the release said. “Evan Rose, the founder of Genesis Coin, will remain as a technical advisor and remain a member of the company’s Board of Directors. Genesis Coin’s 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 volumes 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 domestically and internationally, including the Chivo network in partnership with the Government of El Salvador.
“This transaction represents the coming together of two leading software platforms in the industry and creates value for both companies’ stakeholders,” Rose stated. “It brings together the best products, engineering and leadership teams in the space. I’m excited to be working with them and look forward to introducing the exciting new products and services they have planned this year.”
According to the release, for now, the Genesis Coin and Bitstop platforms will continue to operate independently while the team explores technical synergies.