DRAFT: Industry Leaders Barnard and Carrillo Announce Acquisition of Genesis Coin Inc

On January 23rd, early Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo announced the acquisition of Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide.^[0] Founded in 2013, Genesis Coin’s technology currently accounts for around 35% of all Bitcoin ATM transactions globally.^[0] The merger of the two industry leaders represents a significant share of the market, with the two companies now operating 12,000 Bitcoin ATMs in the United States and international markets, powering billions of dollars in annual sales volume.^[0]

As part of the acquisition, Barnard will become Chief Executive Officer and Carrillo will become Chief Strategy Officer, while Evan Rose, the founder of Genesis Coin, will stay on as a technical advisor and remain on the company’s Board of Directors.^[1] Genesis Coin’s headquarters will be relocating to Miami.^[1]

Speaking about the acquisition, Barnard said, “The result of this is that operators can build their future on the Genesis Coin platform with confidence. In a volatile industry, we are a beacon of stability. We are bullish on the potential of this industry. We see significant market growth from here over the next 10 years.”^[2]

Carrillo commented, “This acquisition represents the most significant event in the Bitcoin ATM industry to date. Our commitment is to provide Genesis Coin with the proper resources it needs to pave the way for continued growth and innovation. We truly believe that this new combination of the best minds in our space will be the catalyst for the Bitcoin ATM industry evolving into its next phase.”^[1]

The FBI also recently announced their success in freezing a portion of the funds that was converted to Bitcoin in coordination with virtual asset service providers, as well as identifying 11 addresses where the remaining cryptocurrency was moved.^[3] The FBI believes that the North Korean cyber actors were using a privacy protocol named Railgun to launder the stolen Ethereum.^[3]

The acquisition of Genesis Coin by Barnard and Carrillo is expected to bring together the best product, engineering, and leadership teams in the space and create the best technology and team in the Bitcoin ATM industry.^[1] Emphasizing the importance of sustaining stability across both platforms as well as catering to the needs of operators on both, both companies are continuing to do so.^[1]

The increasing popularity of Bitcoin and other cryptocurrencies is also becoming more evident in the online gambling space, with more and more online gambling sites now accepting Bitcoin and other cryptocurrencies.^[4]

0. “Bitstop Founders Acquire Largest Bitcoin ATM Software Platform …” www.btctimes.com, 25 Jan. 2023, https://www.btctimes.com/news/bitstop-founders-acquire-largest-bitcoin-atm-software-platform

1. “Bitcoin Pioneers Andrew Barnard And Doug Carrillo Acquire …” www.kivodaily.com, 25 Jan. 2023, https://www.kivodaily.com/cryptocurrency/bitcoin-pioneers-andrew-barnard-and-doug-carrillo-acquire-industry-leader-genesis-coin-inc-the-first-and-largest-bitcoin-atm-software-platform-worldwide/

2. “Genesis Coin Inc, Powering 35% of Global Bitcoin ATM …” www.finanznachrichten.de, 25 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

3. “FBI pins North Korean threat group with $100M crypto theft from …” www.scmagazine.com, 25 Jan. 2023, https://www.scmagazine.com/news/cybercrime/fbi-pins-north-korean-threat-group-with-100m-crypto-theft-from-2022

4. “How to Know Which Cryptocurrency to Invest in Before It Goes …” www.gbhbl.com, 25 Jan. 2023, https://www.gbhbl.com/how-to-know-which-cryptocurrency-to-invest-in-before-it-goes-public/