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CoinFlip Establishes Chicago, Illinois, Headquarters

08/25/2021
CoinFlip, aleading cryptocurrency ATM operator, opened a new 44,000 square-foot headquarters located in the Old Post Office in downtown Chicago, Illinois. The $17 million investment is expected to create 30 new jobs, while retaining 138.

According to company officials, the 12-year lease is the largest by a cryptocurrency company in city history. CoinFli will more than double its previous office space and continue to increase its current headcount across all departments of the company.

"We're proud to have founded CoinFlip in Chicago, Illinois, which has been our home for the last six years, and are excited to announce we're growing. While CoinFlip is proud to operate in 47 states, no other state is pioneering forward-thinking initiatives like Illinois that will make it not only a leader in cryptocurrency but a clear choice for our long-term plans," said Ben Weiss, CEO of CoinFlip. "We're committed to doing our part for the future of cryptocurrency as well as for the Chicago community, and that's why we're making long-term plans to grow our team here while investing in programs to help local communities benefit from the expansion of cryptocurrency technologies."

CoinFlip qualified for an EDGE agreement offered by the Illinois Department of Commerce and Economic Opportunity (DCEO) to support companies making large-scale capital investments and long-term job creation commitments in Illinois communities.

"Illinois has long been a global leader in financial services. And today we are building on that legacy, working to build a cryptocurrency regulatory framework that's best in the nation and expand access to capital for innovative companies," said Governor JB Pritzker.

CoinFlip is currently developing community initiatives with a variety of national and local partners, with special emphasis on the state of Illinois, designed to improve literacy and education on all aspects of personal finance including the buying and selling of cryptocurrency. Additionally, the company continues to invest in environmental projects, including working with the Canopy Project to plant a tree for every new ATM installed around the country.

"CoinFlip's headquarters expansion is a testament to Illinois' strength as a leader in tech, and we are thrilled to celebrate their new investment that will create new well-paying jobs for those who call our state home," said DCEO Director Sylvia Garcia. "Under Governor Pritzker's leadership, more and more companies are choosing Illinois thanks to our reputation as a home to world-class talent, modern infrastructure, and supportive climate for startups to innovate."

Illinois is positioned to seize on the future growth in the cryptocurrency industry, thanks to the recent passage of HB3968 by the Illinois House of Representatives 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. Pending approval by the Senate, this legislation puts Illinois at the forefront of regulating the emerging industry and allows companies access to lower banking services to operate in this new space.

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