CoinFlip Grows By 359% YoY, Crosses One Million Transactions in 2020

CoinFlip Grows By 359% YoY, Crosses One Million Transactions in 2020

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CoinFlip had a monster of a 2020 wherein overall revenue increased by 359% YoY, and their overall transactions crossed one million. 

The leading Bitcoin ATM operator had grown its network from 441 ATMs to 1,400 ATMs in 2020.

What Is CoinFlip?

CoinFlip is the world's leading Bitcoin ATM operator that supports the buying and selling of nine major cryptocurrencies. They cut transaction fees by more than 50% and offer a simple UX and 24/7 customer support. The company was founded in 2015, and they aim to "advance crypto adoption, accessibility and liquidity to support communities, like the underbanked, who need it most."

More Details About CoinFlip’s Expansion

CoinFlip ATMs are currently operational in 45 out of the 50 states in the United States. They have also seen an average 48% increase in the amount per customer transaction in 2020. CEO and founder of CoinFlip, Daniel Polotsky, commented about this growth:

"2020 was the year Bitcoin proved all the doubters wrong and showed that the cryptocurrency market is maturing and viable. As we continue to expand our ATMs across the United States and later internationally, we offer a quick, secure and simple cash-to-crypto onramp allowing anyone to quickly and safely start investing in Bitcoin and other cryptocurrencies."

To meet the demands of customers who don’t wish to be held back by the $1000 investment limit, CoinFlip is introducing a high-touch, concierge OTC trading service with a low investment minimum.

CoinFlip Looks To Grow Beyond North America

CoinFlip has expanded from 17 employees in the beginning of 2020 to a team of 160, and has relocated to a new global headquarters in Chicago's West Town neighborhood. The company is still actively hiring as they aim to expand beyond North America.

"At CoinFlip, we believe cryptocurrency is a tool that can be made available to anyone, accelerating financial inclusion across the globe," continued Polotsky. "By the end of 2021, our goal is to expand our network beyond North America, into international markets, enabling greater access to communities and individuals with reduced or no access to traditional banking resources."

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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