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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 was 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% 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% of respondents said
they’re invested in cryptocurrency, ranking the digital coins
just behind real estate, stocks, mutual funds and bonds.
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