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 the press release sent to Bitcoin Magazine, Genesis Coin technology powers over 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, Florida, Bitstop has over 2,500 Bitcoin ATMs around the world.
“As part of the acquisition, Andrew Barnard will become Managing Director and Doug Carrillo will become Chief Strategy Officer and both will join Genesis Coin’s Board of Directors,” the statement read. “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 headquarters will move to Miami, Florida.
Together, Genesis Coin and Bitstop represent over 75 operators with over 12,000 bitcoin ATMs in the United States and around the world, facilitating an annual sales volume of billions of dollars.
Regarding their 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 has 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.
“This transaction represents the bringing together of the industry’s two leading software platforms and creates value for stakeholders of both companies,” Rose said. “It combines the best product, engineering and leadership teams in the space. I’m thrilled to work alongside them and look forward to showcasing some very exciting new products and services we have planned for this year.
According to the release, for now, the Genesis Coin and Bitstop platforms will continue to operate independently as the teams explore technical synergies.