CoinFlip, a rapidly expanding Bitcoin ATM provider, will relocate its offices from West Town to the huge Old Post Office renovation this autumn, more than tripling its office size in a 12-year contract.
Aside from the Old Post Office’s facilities, the state enticed the six-year-old cryptocurrency firm to make a long-term commitment to staying in Chicago.
“We chose the Old Post Office because we thought it was a great place to attract top tech talent,” said Deerfield, Illinois native Ben Weiss, 26, CEO of CoinFlip. “I think that we’re building a great crypto community in Chicago.”
CoinFlip, which was founded in 2015, has created a niche in the cryptocurrency market with its network of ATMs that convert cash into Bitcoin. The company sells over $5 million in digital assets each day throughout 47 states. The average transaction is several hundred dollars, and it involves purchasing a fraction of a Bitcoin, which is presently worth almost $50,000.
Pritzker embraces crypto
The state of Illinois wishes to recruit and maintain firms participating in the booming crypto sector. Given that the state is home to 58 blockchain and cryptocurrency firms, legislators are working on a measure that would establish a special depositary trust for digital activities as part of the creation of a wider cryptocurrency ecosystem.
“The future of cryptocurrency is in Illinois,” Governor J.B. Pritzker said in a statement. “I’m incredibly proud and excited that this new fintech leader is making Chicago its permanent home. To the entire CoinFlip family, congratulations, and thanks for betting on Illinois. We take great pride in your success.”
The crypto ecosystem is continually expanding. Both Chicago and the state of Illinois were early adopters of this ATM technology, which enables faster and more secure transactions among younger generation consumers. ATMs potentially open the door to consumers who are not presently interested in cryptocurrencies.