Crypto ATM Firm Coin Flip Is Opening a Brand New Office in Chicago

Live Bitcoin News
Live Bitcoin News August 30, 2021
Updated 2021/08/30 at 2:20 PM
4 Min Read
Crypto currency ATMs are popping up throughout San Antonio. Smokerz Paradise offers such a machine for people to conduct crypto currency transactions. Shift leader Bridgette McFarlin demonstrates how to conduct a transaction on one of the ATMs located at Smokerz Paradise near IH10 and DeZavala on Thursday, Jan. 7, 2021.

Bitcoin ATM operator Coin Flip is growing like crazy. The company is now opening a new office in the old Post Office area of Chicago, Illinois.

Coin Flip Is Getting Really Big

Beginning in the year 2015, Coin Flip has become one of the largest and fastest-growing crypto ATM firms in the country. At the time of writing, the enterprise employs more than 200 employees and is looking to add even more by the end of 2021.

The company has recently earned a big grant from the state of Illinois. Coin Flip was given approximately $1.7 million in tax credits based on the idea that it would remain in Illinois on a long-term basis. In addition, it must dole out a minimum of $17 million towards capital investments to remain in good standing and keep the money it was given.

CEO of Coin Flip Ben Weiss explained in an interview:

This marks the largest cryptocurrency lease here in the state of Illinois, and this further cements Coin Flip as a homegrown company that was founded and built right here in Chicago.

Just last year alone, the company earned more than $50 million in transaction fees. Weiss believes that this number will change to $100 million by the end of 2021. The firm was recently named the fastest-growing company in Chicago by Crain’s Chicago Business.

Democrat representative Margaret Croke expressed her excitement about Coin Flip’s presence in the state’s biggest metropolitan area. She stated:

Illinois already has the talent and the infrastructure in place to be a global hub to this growing industry, and I hope that we continue to make progress toward achieving that goal.

A Celebrity Steps Onboard

This isn’t the first time Coin Flip has made national headlines. The company was the subject of a major story just a few months ago when it was announced that Broadway and sitcom star Neil Patrick Harris would serve as the company’s newest spokesperson. The actor recently discussed his crypto investing habits, claiming that he was a big fan and that he had the opportunity to begin investing early:

I remember when I first heard about bitcoin. Like most people, I did not fully understand it but at the time, the price of bitcoin was so low I figured I could give it a shot without risking too much. Now, my investment has grown tremendously and multiplied in value. Even major corporations and traditional investors are all jumping on the bandwagon. My goal is to let everyone know how easy and accessible it is to invest in cryptocurrency and join the future of finance.

At press time, Illinois serves as the headquarters for nearly 60 blockchain and crypto-related companies. It is alleged that jobs will increase within the state by as much as 25 percent thanks to these enterprises by the year 2025.

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