Bitcoin ATM operator moves to old Chicago post office

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(TNS) The old post office receives another major new tenant.

CoinFlip, a fast-growing Chicago-based Bitcoin ATM operator, is moving its headquarters from West Town and embarking on massive redevelopment this fall, doubling its space to 44,000 square feet in a 12-year lease.

Beyond the amenities offered by the old post office, the 6-year-old cryptocurrency firm has been pressured by the state to make a long-term commitment to stay in Chicago. CoinFlip, which has 194 employees, has agreed to add at least 30 employees by the end of next year and make $ 17 million in capital investments in exchange for nearly $ 1.7 million in Illinois economic tax credits.

We chose the old post office because we thought it was a great place to attract top tech talent, said Ben Weiss, 26, a native of Deerfield, CEO of CoinFlip. I think it was building a great crypto community in Chicago.

CoinFlip, which operates 2,700 Bitcoin ATMs across the country, is expected to handle more than $ 1.5 billion in cryptocurrency transactions this year. The company generated $ 50 million in transaction fee revenue last year, a figure expected to double in 2021, Weiss said.

Illinois is looking to attract and retain companies operating in the booming cryptocurrency industry. Lawmakers are evaluating a bill that would create a special purpose deposit trust for digital assets as part of building a larger cryptocurrency ecosystem. The state is home to 58 blockchain and cryptocurrency companies.

We are working to create the best cryptocurrency regulatory framework in the country, Governor JB Pritzker said at a press conference on Tuesday announcing the transfer of CoinFlip to the old post office. And so, we are, frankly, open for business for anyone who wants to be in this industry.

Founded in 2015, CoinFlip has carved out a niche in the cryptocurrency industry through its network of ATMs, which turn cash into bitcoins, selling more than $ 5 million in digital assets per day in 47 States. The average transaction is several hundred dollars, buying a fraction of a bitcoin, currently valued at nearly $ 50,000.

CoinFlip’s jobs range from customer support to field operations, but many of the new hires will focus on technology as the company expands its cryptocurrency transaction capabilities, Weiss said. Employees currently work flexible hours, allowing them to choose between working remotely and in the office during the pandemic.

We let the employees do what they feel most comfortable with, said Weiss. Most people come at least three times a week.

The company will retain its current space near the United Center as a warehouse for the assembly of ATM units, but the rest of the office will move to the old post office by October or November, Weiss said.

By committing to job creation and capital investment, CoinFlip qualified for Illinois’ Economic Development Program for a Growing Economy, better known as EDGE. In addition to adding at least 30 new jobs and making $ 17 million in capital investments, CoinFlip must retain at least 138 jobs currently held in the Chicago office to secure the full $ 1.68 million in credits. taxes, which are processed on an annual basis for up to 10 years, said department spokeswoman Lauren Huffman.

The conversion of the old, long-vacant post office to modern offices has attracted tenants such as Uber, Walgreens, PepsiCo, Ferrara Candy and, more recently, tech company Cisco Systems, which is moving its Midwestern headquarters to Rosemont. .

Completed in 1921 and significantly expanded in 1932, the huge post office has long dominated the Eisenhower Freeway as a gateway to downtown Chicago. After sitting vacant for nearly two decades, New York-based developer 601W Cos. undertook an $ 800 million renovation of the old post office, creating 2.5 million square feet of office and event space. The redeveloped building reopened in the fall of 2019.

2021 Chicago Tribune. Distributed by Tribune Content Agency, LLC.

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