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 …” www.btctimes.com, 24 Jan. 2023, https://www.btctimes.com/news/bitstop-founders-acquire-largest-bitcoin-atm-software-platform
1. “Genesis Coin Inc, Powering 35% of Global Bitcoin ATM …” www.finanznachrichten.de, 24 Jan. 2023, https://www.finanznachrichten.de/nachrichten-2023-01/58134956-genesis-coin-inc-powering-35-of-global-bitcoin-atm-transactions-acquired-by-bitstop-founders-015.htm
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/
3. “El Salvador now debt-free thanks to Bitcoin! – Coinpri” coinpri.com, 24 Jan. 2023, https://coinpri.com/news/bitcoin/el-salvador-now-debt-free-thanks-to-bitcoin/
4. “Bitcoin’s 2023 rally gathers steam as cryptocurrency briefly tops US …” www.dimsumdaily.hk, 24 Jan. 2023, https://www.dimsumdaily.hk/bitcoins-2023-rally-gathers-steam-as-cryptocurrency-briefly-tops-us23000/
