As the founder and chairman of CoinFlip, Daniel Polotsky is eager to take his startup to the next level. The Chicago-based company started out in a college dorm and has since become the largest network of Bitcoin ATMs by volume in the US. But with crypto now under more scrutiny than ever, the 29-year-old entrepreneur spoke to crypto.news about CoinFlip’s journey and plans for the future.
Polotsky revealed that CoinFlip’s priority has always been to provide 24/7 live customer support and competitive fees to help stand out from the competition. He hopes to continue expanding their product offerings outside of the kiosk business, growing their global presence and ensuring a seamless experience for customers.
CoinFlip’s journey began when Polotsky realized the need for a safer, more convenient alternative to buying crypto online. He envisioned a kiosk that would offer quick transactions, a cash onramp, 24/7 support and eliminate the need for face-to-face meetups.
When asked about the rising cases of scams using Bitcoin ATMs, Polotsky said CoinFlip is a compliance-focused company. Their kiosks have safeguards and disclosures to warn customers about potential scams, and blockchain technology makes it easier for law enforcement to prosecute bad actors.
Polotsky also believes that regulation is key to ensuring the safety of everyone involved. He sees lawmakers’ commitment to understanding and regulating the crypto space as a positive sign and hopes that they will continue to strive for a secure and thriving environment.
When asked about California’s new Senate Bill 401, which limits cryptocurrency ATM transactions to $1,000 per day per person, Polotsky understands the motives behind the bill. However, he believes that it provides little protection to consumers and hinders innovation.
When it comes to the advantages of crypto kiosks, Polotsky said they contribute to the mainstream adoption of cryptocurrencies by providing a physical, user-friendly interface. They are also available 24/7, offer instant transaction capabilities, and offer a bridge between traditional and digital finance.
Finally, Polotsky predicts that the number of Bitcoin kiosks in the US will increase in the next 12 months, but this will depend on the regulations. On the other hand, he believes that there will be a surge of crypto kiosks in developing countries as they offer decentralized and stable transactions.
