Genesis Coin was founded in 2013 and its technology powers approximately 35% of global Bitcoin ATM transactions according to bitcoinmagazine.com. Barnard and Carrillo, who also founded Bitstop, built the first and largest private-label bitcoin ATM platform based in the US.
As part of the acquisition deal, both founders will take on new roles at Genesis Coin and will join the company’s Board of Directors. By combining their forces, Genesis Coin and Bitstop will represent more than 75 operators with more than 12,000 bitcoin ATMs across the United States and around the world.
Genesis Coin officials cited by bitcoinmagazine.com highlighted that, through this transaction, two leading software platforms in the industry have come together to introduce new products and services while creating value for company stakeholders from both teams. Bitstop officials noted the rapidly changing nature of the crypto industry and expressed their belief that Genesis Coin will be able to adapt to any future challenges.
For the time being, however, the Genesis Coin and Bitstop platforms will run independently in order to allow their teams to work out the technical details of the integration.
According to investopedia.com, crypto automated teller machines (ATMs) are stand-alone electronic kiosks that allow users to buy and sell cryptocurrency using debit cards or cash. All crypto ATMs sell Bitcoin, while some also offer other cryptocurrencies. Not all crypto ATMs allow the sale of crypto, as some are limited to purchases only.
Crypto ATMs do not connect to bank accounts like traditional ATMs. Instead, they connect with a user’s digital wallet in order to process the transaction and send crypto to the customer. There are tens of thousands of crypto ATMs around the world, and many of them are located in the United States.
Some crypto ATMs can integrate with a crypto exchange app in order to allow the redemption of a voucher purchased for cash. This way, users can deposit funds, select which crypto to purchase, and then print a voucher that can be scanned with a mobile app to redeem the voucher and deposit funds directly into a digital wallet.
Some of the most noteworthy risks associated with crypto ATMs include high fees, the lack of anti-theft insurance, minimum and maximum transaction limits set by the ATM company, as well as availability, as crypto ATMs are limited in their number and locations.
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