Industry Leaders Merge: Barnard and Carrillo Acquire Genesis Coin Inc.

Andrew Barnard and Doug Carrillo, both early movers in the Bitcoin ATM industry, have just made a major purchase: Genesis Coin Inc, the first and largest software platform for Bitcoin ATMs globally. Established in 2013, Genesis Coin Inc has a current share of 35% of all Bitcoin ATM transactions worldwide. Barnard and Carrillo, founders of Bitstop – the first and largest private label Bitcoin ATM platform based in Miami, FL – have now joined forces with another industry leader in a move that has seen the platform’s operations expand to include over 2,500 Bitcoin ATMs worldwide.

Barnard and Carrillo, the co-founders of Bitstop, have acquired Genesis Coin Inc., the first and largest Bitcoin ATM software platform in the world. Genesis Coin’s technology is utilized in 35% of all Bitcoin ATM transactions across the globe. Barnard and Carrillo developed one of the initial platforms for Bitcoin ATMs with the aid of Bitstop.^[0] The combination of Genesis Coin and Bitstop holds a substantial portion of the market, with the two firms running 12,000 Bitcoin ATMs across the US and global markets, generating billions of dollars in yearly sales.^[1]

Barnard commented on the acquisition, “Genesis Coin gave birth to the Bitcoin ATM industry. It’s the first and largest Bitcoin ATM software platform in the world. Our industry is now rapidly changing, and Genesis Coin will lead the way into the future.” In his words, the merger will unite the top product, engineering, and leadership groups in the field, and he and Carrillo plan to use their knowledge to create the top technology and squad in the Bitcoin ATM sector for Genesis Coin.^[1]

Barnard and Carrillo’s purchase of Genesis Coin marks a major advancement for the Bitcoin ATM sector. It is anticipated that the joining of two major players in the industry will open the doors for further progress and creativity, as the consolidated firms strive to create the premier software for Bitcoin ATMs on a global scale.^[2]

During the period of the teams exploring potential technical collaborations, the Genesis Coin and Bitstop systems will remain separate entities.^[0] Both businesses have highlighted the significance of continuing to offer reliability to both systems and continuing to meet the requirements of operators on both systems.^[1] Genesis Coin has added to their development team with the primary goal of product development, employing multiple key personnel.^[1]

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