CoinFlip, a financial services provider powered by cryptocurrency, announced it will open a new office in Tampa, Florida, marking the company’s second location in the United States and first foray into corporate expansion. The second office will be located in Water Street Tampa. The nearly 8,000-square-foot space will be part of Sparkman Wharf and is slated to open in Summer 2022. With this new location, CoinFlip hopes to create at least 40 new jobs during its first year in Florida.
CoinFlip will also open ‘Crypto Innovation & Experience Center’. This center will aid in community education about cryptocurrency and provide guidance around purchasing digital currencies via the company’s on-site Bitcoin ATMs and Trade Desk. The experience center will also host educational events to benefit both crypto beginners and enthusiasts.
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“This is a huge milestone as we look to not only bridge the gap between the digital economy and financial services, but it also represents a pivotal moment in the type of investment we are making in our CoinFlip family,” said CEO and founder of CoinFlip, Ben Weiss. “Choosing Tampa was also methodical as it’s quickly becoming a crypto hub for the U.S. and we hope to emulate our tremendous success in Chicago. We’re thrilled to partner with Water Street Tampa and Sparkman Wharf, which is already a booming crossroads of commercial and residential real estate – it’s a perfect marriage.”
“We’re honored CoinFlip chose Tampa for this project and its first ever corporate expansion. Our reputation as a top tech city is growing, and I’m confident our strong talent pool will be a great resource for the company as it looks to expand in the area,” said Jane Castor, Mayor of Tampa. “Not only is Tampa an engineering hub, but we are also quickly becoming a center for all things crypto. We’re excited to continue to build our presence in the crypto space with the addition of CoinFlip – a true win for the city!”
What is a Bitcoin ATM?
Bitcoin ATMs are automated teller machines that allow you to buy and sell bitcoin and other cryptocurrencies. Much like the ATMs you see at a bank, Bitcoin ATMs receive and dispense cash. However, unlike traditional ATMs, you do not need a bank account to use one.
In order to use a Bitcoin ATM you will need a crypto wallet. A crypto wallet or a digital wallet allows you to safely store and access your cryptocurrency. If you are a beginner looking to buy Bitcoin or Ethereum at the ATM, it’s recommended to use a non-custodial wallet. If you want maximum security for your coins, try using a hardware wallet.
There are two main transactions you can do at a Bitcoin ATM:
How to buy bitcoin at a Bitcoin ATM
- Select the cryptocurrency you would like to buy. If you are looking to purchase some bitcoin, select bitcoin.
- Accept the terms and conditions and select if you would like to buy less than $900 or more than $900 worth of crypto.
- Enter your name and phone number.
- Scan your crypto wallet’s QR code address.
- Insert cash.
How to sell bitcoin at a Bitcoin ATM
- Select if you would like to sell bitcoin or litecoin.
- Accept the terms and conditions and select if you would like to sell less than $900 or greater than $900.
- Enter your name and phone number.
- Select the amount you would like to sell. Depending on the machine, you will only be able to sell in increments of $20 or $100.
- Scan your crypto wallet’s QR code address on the machine.
- Wait for the network confirmation and redeem your cash.
Most Bitcoin ATMs charge incredibly high fees – with some charging more than 20% per transaction. However, Coinflip list their fees for fee purchasing crypto from one of their ATMs is up to approximately 12.99%. The fee for selling crypto across all CoinFlip Bitcoin ATMs is 4.99%.
What is Coinflip?
CoinFlip was founded in 2015 by Daniel Polotsky, Kristoffer Dayrit, Alan Gurevich, and Benjamin Weiss. Headquartered in Chicago, CoinFlip placed 60th on the 2021 Inc. 5000 list as the top-ranked cryptocurrency company. The company operates the world’s largest network of cryptocurrency ATMs with over 3,500 machines across 49 states.
