Andrew Barnard and Doug Carrillo, the co-founders of Bitstop, have acquired Genesis Coin Inc., the first and largest Bitcoin ATM software platform in the world.
Over 35% of all Bitcoin ATM transactions worldwide use Genesis Coin’s technology. Through Bitstop, Barnard and Carrillo created one of the first platforms for private label Bitcoin ATMs. Bitstop, based in Miami, Florida, operates more than 2,500 Bitcoin ATMs across the globe.
Barnard will become Chief Executive Officer and Carrillo will take on the role of Chief Strategy Officer while both will join Genesis Coin’s board of directors.
The founder of Genesis Coin, Evan Rose, will continue to serve as a technical advisor and a director on the company’s board. The Genesis Coin corporate office is currently in the process of relocating to Miami.
With more than 12,000 Bitcoin ATMs across the U.S. and other countries, Genesis Coin and Bitstop collectively represent more than 75 operators, enabling billions of dollars of annual sales volumes.
Barnard stated that “Genesis Coin gave birth to the Bitcoin ATM industry… 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.”
Rose commented that the two market leaders, in terms of software platforms, have united through this deal, which benefits the stakeholders of both businesses. “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,” he added.
While both teams investigate technical synergies, the Genesis Coin and Bitstop platforms will continue to function independently for the time being.