CoinFlip

CoinFlip is one of the largest cryptocurrency ATM operators in the United States, running a network of more than 5,500 kiosks spread across 49 states. Founded in 2015 by Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss with a single machine inside a Chicago restaurant, the company has grown into a full-service crypto access platform that now includes a self-custody mobile wallet and an over-the-counter (OTC) desk for high-volume buyers.

What CoinFlip Solves

For many people, acquiring cryptocurrency still requires opening an account on a centralized exchange, completing extended KYC verification, linking a bank account, and waiting several days for funds to clear. CoinFlip addresses this by letting anyone walk into a participating convenience store, gas station, or grocery chain, insert cash, and receive crypto directly to a wallet address in minutes. The ATMs are positioned as an on-ramp for cash-preferred or unbanked users who want to enter the crypto economy without a traditional exchange account.

How It Works

At a CoinFlip ATM, a user selects the coin they want, enters a receive address or scans a QR code, inserts cash, and confirms the transaction. The machine applies a spread above or below the current market rate, collects a small network fee, and broadcasts the transaction to the relevant blockchain. Machines support both buy and sell directions at most locations, meaning users can also deposit crypto and receive cash.

CoinFlip operates a tiered identity verification system. Transactions below $900 require only a name and phone number. Purchases at or above $900 require a government-issued photo ID. Transactions of $3,000 or more also require a Social Security Number. Exact thresholds vary by state regulation.

Beyond ATMs, CoinFlip offers two additional channels:

• CoinFlip Wallet — A self-custody mobile application where users hold their own keys. The app supports buying and selling via credit or debit card, and functions as a wallet for assets purchased at ATMs.
• CoinFlip Preferred — An OTC desk for larger trades executed via bank wire. This channel is aimed at higher-volume buyers who want negotiated pricing rather than the kiosk spread.

Solana Support

SOL is available across all three CoinFlip product channels: physical ATMs, the CoinFlip Wallet, and the OTC desk. The company's OTC desk also supports USDT on the Solana network. Availability at specific ATMs varies by state, so users can check the location finder at locations.coinflip.tech before visiting.

When using the CoinFlip Wallet with SOL, the app requires a minimum balance of 0.05 SOL in the account — this covers the standard Solana rent-exempt minimum required to keep an on-chain account active. No additional fees are charged by CoinFlip for this requirement.

Supported Assets

CoinFlip machines and channels support Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE). Asset availability varies by location. Some kiosks also carry Tether (USDT), including USDT on the Solana network.

Fees

ATM transactions carry a spread of 6.99% to 9.9% above market for purchases and approximately 4.99% below market for sales. A network fee of $1 to $3 is added per transaction to cover blockchain broadcasting costs. CoinFlip maintains a price-match guarantee, offering to beat or match any competitor within ten miles of a given machine.

Compliance and Regulatory Status

CoinFlip is registered with FinCEN as a Money Services Business and is required to comply with US Bank Secrecy Act obligations, including AML and KYC controls. For its European operations, the company holds authorization as a Crypto Asset Service Provider (CASP) from Italy's CONSOB under the EU MiCA Regulation. The company maintains a Chief Legal and Compliance Officer on staff and operates a 24/7 customer support line.

No third-party audits of the ATM software or mobile wallet have been publicly disclosed, though the CASP authorization from CONSOB implies passing regulatory scrutiny for AML and KYC controls at the EU level.

Company History and Scale

CoinFlip passed $1 billion in cumulative transaction volume in 2021 and was ranked on Crain's Chicago Business Fast 50 the same year. The network crossed 4,000 machines in 2022 when the company expanded into Australia, and surpassed 5,000 kiosks in 2024. The company reports more than 500,000 customers worldwide and is headquartered in Skokie, Illinois. CoinFlip is privately held with no publicly disclosed funding rounds.

Solana Ecosystem Fit

CoinFlip's relevance to the Solana ecosystem is primarily as a fiat on-ramp. Users who want to acquire SOL without a centralized exchange account can use a CoinFlip ATM to convert cash directly into SOL. This is particularly relevant for new entrants to the Solana ecosystem, retail users in areas without strong bank access, or anyone who prefers cash-based transactions. The OTC desk's USDT-on-Solana support also gives institutional-adjacent buyers a path to obtain stablecoins on the Solana network without navigating a DEX.