One of the fastest-growing Bitcoin ATM operators is expanding in Illinois.
CoinFlip, which operates 2,700 ATMs around the country, is moving into the old Post Office in Chicago. The company was founded in 2015 and has nearly 200 employees with plans to add more by the end of next year.
The company got money from the state to make a long-term commitment to stay in Illinois and make $17 million in capital investments in return for nearly $1.7 million in economic tax credits.
“This marks the largest cryptocurrency lease here in the state of Illinois, and this further cements CoinFlip as a homegrown company that was founded and built right here in Chicago,” CEO Ben Weiss said.
The company generated $50 million in revenue from transaction fees last year, a number that is expected to double this year, Weiss said.
CoinFlip was named the 2021 fastest-growing company in Chicago by Crain’s Chicago Business.
“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,” said Rep. Margaret Croke, D-Chicago.
Illinois is home to 58 blockchain and cryptocurrency companies, with an anticipated 25 percent increase in jobs around the state by 2025.
Legislators passed House Bill 3968 earlier this year, which would establish digital asset rules for banking services as well as effectively allow financial companies in Illinois to apply for a charter to operate and deal in crypto-assets. The bill is awaiting Senate approval.
According to a CNBC survey, more than 10 percent of respondents said they’re invested in cryptocurrency, ranking the digital coins just behind real estate, stocks, mutual funds and bonds.