Bitcoin ATM Market Undergoes ‘Needed Correction,’ CoinFlip Founder Daniel Polotsky Says – Grayscale Bitcoin Mini Trust (BTC) Common Equity Dividend Shares (ARCA:BTC)

Cryptocurrency ATMs usually don’t have options. Many only allow customers to sell money for Bitcoin BTC/USD.

It’s not like that CoinFlipa Chicago-based startup founded by a 29-year-old Daniel Polotsky.

In addition to Bitcoin, CoinFlip offers Ethereum ETH/USD, Litecoin LTC/USD, Dogecoin DOGE/USD, Star lumens XLM/USD, A link in the chain LINK/USD, Pax Gold PAXG/USD, USD Coin USDC/USDand Tether USDT/USDPolotsky tells Benzinga.

Read on for Polotsky’s thoughts on the dwindling number of ATMs, M&A, venture capital and CoinFlip’s global ambitions.

See Also: Scaramucci says it’s Trump’s choice to lose, what Kamala Harris has to do to win

Polotsky: I am not worried about the decreasing number of Bitcoin kiosks. It seems that many companies are working to improve their operations, and some actors that were not well regulated or did not comply with regulations are closing down. This may mean fewer ATMs overall, but the ones that remain may offer better customer protection and a better customer experience. For example, at CoinFlip, we prioritize customer support with our 24/7 service, which sets us apart from others in the market.

While there may be a reduction in ATMs in North America as a result of these changes, global demand for Bitcoin ATMs remains strong. This suggests that the market is being adjusted to the need rather than showing a lack of interest in cryptocurrency services. This is a great step towards a strong and harmonious environment.

BZ: Coin Cloud collapsed; Genesis Coin took the pieces. Is the crypto ATM space ripe for consolidation?

The crypto ATM space continues to consolidate. Genesis Coin is stepping in to acquire a large share of Coin Cloud’s ATM network after it declared bankruptcy, highlighting the trend.

Operating these machines amidst the fluctuating prices of cryptocurrencies, high operating costs, and ever-changing regulations in the crypto space certainly contributes to a difficult environment but also offers an opportunity. As smaller operators struggle to maintain profitability, larger players with more robust infrastructure are gaining access to their networks.

We are always looking for opportunities to expand our footprint and product offerings, including through M&A. However, any decision to pursue an acquisition will depend on market conditions and the strategic value of the potential target. As regulations continue to form, we may see very few operators end up in the same position as Coin Cloud. We invite employees in that position to contact them. CoinFlip is focused on sustainable global growth and innovation in the ATM space and beyond.

BZ: What is CoinFlip Ventures and when did it start?

CoinFlip Ventures was announced in July 2022 with a fund of $ 1 million to support the first operations of the crypto space. These efforts focus on DeFi, NFTs, tokenization, and other blockchain innovations.

Some of the current and potential investments include Domination Financederivatives market where users can bet on a new financial instrument – sovereign trading; Job03a company that specializes in writing wallets on the blockchain and building key ecosystem tools; Hopscotcha messaging tool for market transactions that helps prevent fraud, increase sales, and allows users to pay in crypto to settle transactions; Koi Networkonline networking that pays users for the computing power of their devices; and Entertainmenta streaming, ticketing, and distribution platform where users can support their favorite creators’ show ideas to ensure they get made.

BZ: What prompted CoinFlip to look at New Zealand as an important market and become its first crypto kiosk manufacturer?

The same fundamentals that made us the largest crypto kiosk manufacturer in the world by transaction volume help us succeed in promising new markets like New Zealand. Being first to market gives us a competitive advantage. It establishes CoinFlip as a major player in the cryptocurrency space in New Zealand as it attracts customers who are eager for alternative ways to enter the digital sector that is also secure.

Another important factor is the banking situation in New Zealand. Kiwis have limited banking options compared to the US, creating a rigid financial system that restricts how people can spend their money. This type of environment tends to create a need for alternative financial solutions, making the option of buying crypto with cash very appealing. Our services offer great financial flexibility and opportunities, filling a gap in the market.

BZ: What’s next for CoinFlip?

We are eager to find new ways to meet our customers where they are. We are on our way to create a global network of crypto kiosks, positioning ourselves not only as a crypto money transfer facilitator but also as the world’s first payment hub, bill payment, tokenized assets in the US, and cash available for various services such as online gaming/ticketing. We are expanding our services for high-value individuals and institutions with CoinFlip Preferred, a white-glove service for customers who wish to sell large amounts of money via bank transfer.

CoinFlip Preferred offers customers same-day payouts, superior pricing, and deep access to buy, sell/exchange cryptocurrencies. In addition, we plan to enhance our online capabilities with our mobile wallet and allow easy purchases using methods such as ACH and debit/credit cards.

Stay tuned: Bitcoin’s impact as an institutional asset class is expected to be fully explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read The Following: