Bitstop Co-Founders Acquire Genesis Coin Inc: The Biggest Event in Bitcoin ATM Industry
On January 24, 2023, Bitcoin ATM software giant Genesis Coin Inc was acquired by the co-founders of Bitstop, Andrew Barnard and Doug Carrillo. Genesis Coin Inc is the first and largest Bitcoin ATM software provider globally, with its technology powering over 35% of all Bitcoin ATM transactions. Bitstop, founded by Barnard and Carrillo, is a private-label Bitcoin ATM platform based in Miami, Florida, and operates over 2,500 Bitcoin ATMs worldwide.
The acquisition combines the two leading software platforms in the industry, creating value for all stakeholders involved. Evan Rose, Genesis Coin’s founder, will remain as a technical advisor and stay on the company’s Board of Directors. The Genesis Coin headquarters will move to Miami, Florida, and Barnard will become Chief Executive Officer, while Carrillo will become Chief Strategy Officer and join the Board of Directors.
The move by El Salvador to declare Bitcoin a legal tender in September 2021 has caused a division in the global socio-political environment. Proponents of Bitcoin have hailed the move as a milestone towards mainstream adoption, while traditional monetary policymakers have called it a bad decision and predicted that it would backfire.
The decision has been generally welcomed by the crypto community, but several media outlets and economists have expressed their concerns about the potential risks for El Salvador’s economy. They have predicted that without an agreement with the International Monetary Fund, El Salvador will not be able to pay its debt due to the falling Bitcoin price.
Ether, the second-biggest digital coin, rallied as high as $1,664.78 on Saturday, the first time it has surpassed $1,600 since 7th November, 2022. At 6.40 ET, ether was worth $1,639.30 apiece, and has jumped 1.20 percent in value on Tuesday.
The acquisition of Genesis Coin Inc by Bitstop’s co-founders is the most significant event in the Bitcoin ATM industry to date. The combination of the best minds in the space is expected to be the catalyst for the Bitcoin ATM industry evolving into its next phase. The company plans to provide Genesis Coin with the resources needed to promote growth and innovation, and to build the best software for Bitcoin ATMs in the world.
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2. “El Salvador President Calls Out Legacy News Agencies that …” thecryptobasic.com, 24 Jan. 2023, https://thecryptobasic.com/2023/01/24/el-salvador-president-calls-out-legacy-news-agencies-that-criticized-his-bitcoin-decision/
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