Cryptocurrency ATMs typically do not have any options. Most only allow customers to exchange cash for Bitcoin BTC/USD.

That is not the case with Toss a cointhe Chicago-based startup founded by the 29-year-old Daniel Polotsky.

In addition to Bitcoin, CoinFlip offers Ethereum ETH/USD, Litecoin LTC/USD, Dogecoin DOGE/USD, Stellar lumens XLM/USD, Chain link LINK/USD, Pax Gold PAXG/USD, USD coin USDC/USDAnd Tie up USDT/USDPolotsky tells Benzinga.

Read on for Polotsky’s thoughts on the dwindling ATM population, mergers and acquisitions, venture capital, and CoinFlip’s global ambitions.

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

While there may be a reduction in ATMs in North America due to these adjustments, global demand for Bitcoin ATMs remains strong. To me, this suggests that the market is undergoing a necessary correction rather than a lack of interest in cryptocurrency services. This is a positive step towards a more robust and compliant environment.

BZ: Coin Cloud went bust; Genesis Coin picked up the pieces. Is the crypto ATM space ripe for consolidation?

The crypto ATM space is undergoing some consolidation. Genesis Coin stepped in to take over a substantial portion of Coin Cloud’s ATM network after declaring bankruptcy, underscoring this trend.

Operating these machines amidst fluctuating cryptocurrency prices, high operational costs, and changing regulations in the crypto space certainly contributes to a challenging environment, but it also presents an opportunity. While smaller operators struggle to remain profitable, larger players with more robust infrastructures are increasingly taking over their networks.

We are always exploring strategic opportunities to expand our footprint and product offering, including M&A. However, any decision to pursue acquisitions is dependent on market conditions and the strategic value of potential targets. As the regulatory environment evolves, we may see more smaller operators find themselves in a similar situation to Coin Cloud. We invite operators who find themselves in this position to reach out. CoinFlip’s focus remains on sustainable global growth and innovation in the ATM space and beyond.

BZ: What is CoinFlip Ventures and when was it launched?

CoinFlip Ventures launched in July 2022 with a $1 million fund to support early-stage crypto startups. The initiative focuses on DeFi, NFTs, tokenization and other blockchain innovations.

Some current and potential notable investments include: Dominance Financea decentralized derivatives market where users can bet on a new financial instrument: dominance trading; Function03a company working on labeling the wallets on the blockchain and building essential ecosystem infrastructure; hopscotcha messaging app for marketplace transactions that helps prevent fraud, increase sales, and allows users to pay with crypto to settle transactions; Koii networka decentralized physical infrastructure network that pays users for the computing power of their device; and Entertainment coina streaming, ticketing, and distribution platform where users can fund their favorite creators’ show ideas to ensure they become reality.

BZ: What inspired CoinFlip to consider New Zealand as a key market and become the first crypto kiosk operator?

The same fundamentals that made us the world’s largest crypto kiosk operator by transaction volume are what allow us to succeed in promising new markets like New Zealand. Being first to market gives us a competitive advantage. It establishes CoinFlip as a leading player in the cryptocurrency space in New Zealand, while attracting customers who are eager for alternative routes into the digital sector that are also secure.

Another important factor is New Zealand’s banking landscape. Kiwis have fewer banking options compared to the US, which creates a more rigid financial system that limits how people can interact with their currency. This type of environment often creates demand for alternative financial solutions, making the option to buy crypto with cash particularly attractive. Our services offer greater financial flexibility and opportunity, filling a gap in the market.

BZ: What’s next for CoinFlip?

We’re eager to explore new ways to meet our customers where they are. We’re well on our way to establishing a global network of crypto kiosks, positioning ourselves not only as a facilitator of cash-to-crypto transactions, but ultimately as the go-to platform for global remittances, bill pay, US tokenized assets, and a cash on-ramp for various services like online gaming/ticketing. We’re also expanding our services to high-net-worth individuals and institutions through CoinFlip Preferred, a white glove service for customers looking to trade higher amounts via bank transfer.

CoinFlip Preferred offers consumers same business day settlement, superior pricing, and deep liquidity access to buy/sell/exchange cryptocurrency. Additionally, we plan to enhance our online capabilities through our mobile wallet and make it easier to make purchases using methods such as ACH and debit/credit cards.

Stay informed:Bitcoin’s impact as an institutional asset class is expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.

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