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Genesis Coin to add more than 5,700 crypto ATMs from CoinCloud

July 19, 2023

Genesis Coin, a bitcoin ATM software provider, has acquired 5,700 cryptocurrency ATMs from CoinCloud, which filed for Chapter 11 bankruptcy protection in February 2023. Prior to this acquisition, Genesis Coin powered 12,000 ATMs in more than 11 countries in its network along with 2,600 ATMs which have not been deployed, according to a press release.

"It's an incredibly exciting time to be building software products in the digital asset industry. We are the only remaining US-headquartered Bitcoin ATM software platform. Other software platforms outside the U.S. have shut-down service offerings after experiencing security breaches"," Andrew Barnard, CEO of Genesis Coin, said in the release. "They try to compete on price instead of innovating. This causes them and their operators to cut corners on security, innovation and compliance. Partnering with the right operators has allowed us to invest where it counts so we can provide stability for the best operators who demand the highest standards. This is why the highest quality operators trust us."

"We look forward to working with our existing partners in bringing over 8,000 new Bitcoin ATMs live under the Genesis Coin and Bitstop Bitcoin ATM software platforms," Doug Carillo, president and chief strategy officer, Genesis Coin, said in the release. "CoinCloud invested in developing very high-end terminals that include next generation cash recyclers and other leading technologies. We are excited about the applications and products we can build using these terminals to give our partners an edge."

Earlier this year, Bitstop, a bitcoin ATM provider, acquired Genesis Coin.