EXCLUSIVE: Ben Weiss, CEO of CoinFlip, Seeks to Make Cryptocurrency Buying Easier – S&P Dep Receipts (SPY)

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It often seems like everyone is talking about cryptocurrency, but a lot of people still don’t know how to be a part of the digital action. And that’s where Chicago-based CoinFlip seeks to help.

Chicago-based CoinFlip operates the world’s largest network of cryptocurrency ATMs by volume and over-the-counter trading service. Ben Weiss, the company’s co-founder and CEO, recently spoke with Benzinga about his company’s work to attract more people to the cryptocurrency arena.

Q: For people who are new to your business, when did CoinFlip start and why did it start?

Weiss: CoinFlip started in 2015 when my co-founders and I were 20 years old. We believed in a decentralized economy, a decentralized financial system, and Bitcoin (CRYPTO: BTC) and cryptocurrency. But we saw how difficult it was for those of us who are good enough with technology to buy it.

And we thought, “If this is ever to be adopted en masse, the average person has to be able to buy it.” And not just the average person, but the person who’s never emailed before should have the option to buy it as well. So we wanted to make cryptocurrency as inclusive as possible for everyone.

Q: How does CoinFlip work?

Weiss: CoinFlip is a crypto-based financial company and we can help you with how you want to buy Bitcoin. We accept wire transfers, ACHs, and credit cards, and we have physical kiosks in 49 states where we operate where anyone can walk in with just a wallet and physical cash, scan their wallet, and put coins. dollars and get his coin.

And there is 24/7 customer support on all aspects. So no matter how you want to buy Bitcoin, you can buy it. And whether it’s $ 20, $ 1,000, or $ 2,000, we make it as easy for people to access cryptocurrency as possible.

The whole concept of CoinFlip is that it should be as easy as possible to buy it. And time and time again, I think technicians sometimes make their products for other technicians – but always had the idea of ​​being in contact with customers. Thus, we have over 30 full-time customer service employees who are all internal – there is no call center and the average wait time on the phone is 12 seconds before calling. to take down. Last year we answered over 86,000 customer support calls and this year it will likely double.

Q: What was the market like in 2015 when you started the business – were there still a lot of people who had never heard of Bitcoin?

Weiss: It was definitely a niche. You had the techies, the libertarians and a lot of people who first bought it just thought it was cool and not even necessarily a good investment. Even in 2016 and 2017, we saw people who you thought wouldn’t necessarily buy Bitcoin, wanted to buy it, but they just didn’t know how.

Q: We keep mentioning Bitcoin – does CoinFlip also encompass Dogecoin (CRYPTO: DOGE) and Ethereum (CRYPTO: ETH) and the thousands of other cryptocurrencies out there?

Weiss: We also sell Dogecoin, Litecoin (CRYPTO: LITE), and a few other coins. We don’t sell thousands of coins because we have to make sure there is a checking process for the coins, but we have the capacity to sell anything in the future including NFTs. Most of the business is still Bitcoin – it’s the most popular coin.

Q: Every now and then, people get excited about Dogecoin going to the moon. Have you seen any evidence of a lunar takeoff from the Dogecoin surveys you receive with your business?

Weiss: Dogecoin has been a very popular coin and people have seen how it is made. What Dogecoin has shown is that retail investors have power and the people who conduct class actions on the internet can have power and make a difference. Dogecoin has been a great addition to CoinFlip and it fits in with our strategy.

Q: You made the news several months ago with the announcement of your marketing partnership with actor Neil Patrick Harris. Where is it today?

Weiss: Our ads are still running across the United States in major metropolitan areas and that will continue to happen. Neil Patrick Harris was one of the early investors in cryptocurrency and I think having brand ambassadors and celebrities, especially those who believe in what they stand for, makes a difference in making a difference. convey the message.

Q: Where do you see the cryptocurrency as a whole over the next 12 months? Do you think the federal government is going to do some sort of regulatory crackdown on the sector?

Weiss: I think smart regulation will be good for the price of Bitcoin, and the legislation would actually be positive for this space. I think the fourth quarter fundamentals look very strong for Bitcoin and Ethereum, and I think 2022 overall will be a huge year for crypto.

Q: And what do you see for your business in the next 12 months?

Weiss: In addition to covering the entire United States with ATMs and having our sales office, we will expand internationally with ATMs by Q1 2022. Additionally, we have increased our digital product offering – we’re mainly known for ATMs, but our digital side of the business has really taken off, and we’re now doing same-day ACH for smaller quantities.

And we will keep adding more products for customers to choose what they want. It’s their choice, but we want to be there for them.

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