Bitcoin ATM Operator CoinFlip Surpasses One Million Transactions in 2020
CoinFlip logo

Bitcoin ATM Operator CoinFlip Surpasses One Million Transactions in 2020

Despite the fact that 2020 could hardly be described as a good year for the vast majority of people, it was undoubtedly a strong year for Bitcoin. In fact, even as other volatile stock market happenings have distracted some from cryptocurrencies, Bitcoin and other assets have enjoyed continued prosperity so far in 2021. This has not only allowed long-time believers to see their holdings rise but has also provided several crypto-centric companies to cash in. Among the firms in this latter category is CoinFlip, which reports seeing a massive increase in demand for their Bitcoin ATMs throughout the past year.

According to a press release, CoinFlip’s Bitcoin ATMs conducted more than one million transactions last year, coupled with an average 48% increase in transaction amount. This milestone was accompanied by a 359% year over year increase in revenue as well as an expansion of the firm’s ATM network. Additionally, the company says it was able to expand from a total of 17 employees at the beginning of 2020 to a team of 160 today.

As of last month, CoinFlip now operates 1,400 Bitcoin ATMs — up from just 441 in January 2020. What’s more, the company now operates ATMs across 45 states. While the majority of these machines only allow customers to purchase Bitcoin, others enable both buying and selling of the asset. Consumers can locate their nearest Bitcoin ATM (and see whether a machine is Buy Only or not) by using a tool on the CoinFlip website.

CoinFlip’s success comes as Bitcoin reached new highs near the end of 2020, not only breaking through the long-eyed $20,000 mark but continuing to sail upward to double that as the new year began. CoinFlip’s founder and CEO Daniel Polotsky acknowledged this fact in a statement, saying, “2020 was the year Bitcoin proved all the doubters wrong and showed that the cryptocurrency market is maturing and viable.” Polotsky also looked toward the future of crypto as well as CoinFlip, remarking, “At CoinFlip, we believe cryptocurrency is a tool that can be made available to anyone, accelerating financial inclusion across the globe. 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.”

Although Bitcoin ATMs may have once seemed like a novelty that presented an allure of futurism without actually embodying it, the growth that CoinFlip observed in 2020 suggests that this technology is legitimizing. Even as there are now plenty of relatively easy ways for everyday consumers to purchase Bitcoin, perhaps the ATM interface will prove to be the most straightforward for some crypto newbies. With Bitcoin standing strong at levels not seen prior to this year, expect CoinFlip and others to only improve upon these metrics as 2021 rolls on.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...