American Crisis Report

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.[0]

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.[1] 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.[1]

The move by El Salvador to declare Bitcoin a legal tender in September 2021 has caused a division in the global socio-political environment.[2] 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.[2]

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.[3] 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.[3]

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.[4] At 6.40[4] 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.[1] 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.[3] 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.[1]

0. “Bitstop Founders Acquire Largest Bitcoin ATM Software Platform …”, 24 Jan. 2023,

1. “Genesis Coin Inc, Powering 35% of Global Bitcoin ATM …”, 24 Jan. 2023,

2. “El Salvador President Calls Out Legacy News Agencies that …”, 24 Jan. 2023,

3. “El Salvador now debt-free thanks to Bitcoin! – Coinpri”, 24 Jan. 2023,

4. “Bitcoin’s 2023 rally gathers steam as cryptocurrency briefly tops US …”, 24 Jan. 2023,

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