CoinFlip

CoinFlip is a Chicago-based cryptocurrency services company founded in 2015 by Daniel Polotsky, Kristoffer Dayrit, Alan Gurevich, and Benjamin Weiss. The company operates one of the world's largest networks of cryptocurrency ATMs by transaction volume, with more than 5,500 kiosks spread across 48 US states, Puerto Rico, Canada, Australia, New Zealand, South Africa, Italy, and Spain. Alongside its ATM hardware business, CoinFlip offers an OTC trading desk and a consumer mobile wallet, building a vertically integrated cash-to-crypto platform accessible to retail users without bank accounts, exchange logins, or technical blockchain knowledge.

How It Works

Crypto ATMs

CoinFlip's primary product is its Bitcoin ATM (BTM) network. Customers walk up to a kiosk, select the cryptocurrency they want to buy or sell, follow on-screen prompts, insert cash, and receive crypto to a wallet address or present a QR code to withdraw cash. The process is designed to take minutes and requires no prior account setup for small purchases, though larger transactions trigger identity verification steps to satisfy anti-money-laundering requirements. Fees are displayed in full before a transaction is confirmed and are factored into the quoted exchange rate rather than charged as a separate line item. ATM fees typically run in the range of 5 to 6 percent, lower than several competing kiosk operators.

The ATM network supports buying and selling of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Zcash (ZEC), Dash (DASH), Monero (XMR), Ripple (XRP), Tether (USDT), USD Coin (USDC), and Lightning Bitcoin (LBTC). Solana (SOL) was added to the buy/sell menu in 2025, and US-based ATMs allow customers to sell SOL directly for cash.

CoinFlip Crypto Wallet

The CoinFlip Crypto Wallet, available on iOS and Android, serves as the companion app to the ATM network. Core features include a built-in ATM locator for finding nearby kiosks, the ability to buy and sell directly in-app using credit or debit card, bank wire, or PayPal, a portfolio view for tracking holdings, and pre-registration to unlock boosted daily transaction limits at ATMs.

The wallet supports Bitcoin, Ethereum, Solana, Dogecoin, and a growing list of digital assets. One Solana-specific requirement: the wallet enforces a minimum balance of 0.05 SOL to keep the wallet account data rent-exempt on the Solana blockchain, matching the network's account model.

CoinFlip Preferred (OTC Desk)

CoinFlip Preferred is the company's over-the-counter trading desk aimed at larger buyers and institutional customers who need to transact in sizes beyond ATM limits. It supports bank wire settlement and offers dedicated certified advisors. In connection with its Solana integration, CoinFlip Preferred added support for USDT on the Solana network, providing same-business-day settlement for traders looking to on-ramp into the Solana ecosystem or off-ramp profits back to fiat.

Solana Ecosystem Role

CoinFlip's relevance to the Solana ecosystem centers on access rather than protocol participation. The company gives retail customers in dozens of countries a familiar, cash-based path into SOL without needing a centralized exchange account. It also provides a sell path for SOL holders who want to exit directly to cash at a local kiosk. For the OTC desk, USDT on Solana settlement means traders can move large sums in and out of Solana-based DeFi activity using CoinFlip as a fiat gateway, with low fees and same-day clearing.

Scale and Growth

CoinFlip placed its first machine in 2015 at a restaurant in Chicago and scaled entirely through self-generated revenue, taking no outside venture funding. By 2021 it was named the fastest-growing company in Chicago by Crain's Chicago Business, with five-year revenue growth approaching 2,000,000 percent and annual revenues above USD 50 million. The company serves more than 500,000 active users and has been covered by Bloomberg, Forbes, CNBC, Reuters, and TechCrunch.

Regulatory Status

In the United States, CoinFlip operates as a registered money services business and complies with FinCEN requirements. In the European Union, CoinFlip Italia is authorized as a Crypto Asset Service Provider (CASP) by CONSOB under EU Regulation 2023/1114 (MiCA), making it one of the earlier US-headquartered ATM operators to hold formal MiCA registration in Europe. The company maintains a 24/7 multilingual customer support team and publishes fraud-prevention educational resources for users.

Team

CoinFlip was co-founded by Daniel Polotsky (CEO) and Benjamin Weiss (COO), who met as high school students in Deerfield, Illinois and launched the company from their respective college dorm rooms. Polotsky attended Northwestern University and Weiss attended the University of Michigan. Kristoffer Dayrit and Alan Gurevich rounded out the founding team. The company is headquartered in downtown Chicago.