CoinFlip, a fast-growing Chicago bitcoin ATM operator, is opening a headquarters in the Old Post Office that will be the largest lease by a cryptocurrency company in the city.
CoinFlip announced Tuesday it plans to move into a 44,000-square-foot headquarters in the Old Post Office at 433 W. Van Buren St. The space doubles its current office footprint as CoinFlip prepares to grow its team amid a surge of interest in the company's cryptocurrency ATMs.
The startup, founded in 2015, operates over 2,700 machines across 47 states. It did more than $50 million in revenue last year.
Led by 26-year-old co-founders Ben Weiss and Daniel Polotsky, CoinFlip has set out to make crypto buying and selling more accessible to the masses through physical ATM machines. The company operates mostly in cash rather than linking to your bank account, which has been attractive to the unbanked and under-banked, Weiss previously told Chicago Inno.
"We want a bitcoin ATM within five to 10 minutes of every single American house or their place of work," Weiss said.
The company will currently house 138 jobs in the Chicago office, with plans add a minimum of 30 new jobs. CoinFlip currently has over 200 total employees.
CoinFlip signed a 12-year lease in the Old Post Office, and will invest $17 million into the new headquarters. The startup also received support from the state with an EDGE tax credit offered by the Illinois Department of Commerce and Economic Opportunity.
CoinFlip is just the latest company to call the Chicago's Old Post Office home. IT giant Cisco announced earlier this month that it is moving its operations from suburban Rosemont to the Old Post Office, where it will house around 1,200 employees. Walgreens has a 200,000-square-foot office there, where it houses a tech hub and can hold up to 1,800 employees. Uber, PepsiCo and CBOE Global Markets all recently moved operations to the building as well.
Illinois is home to more than 50 different blockchain and cryptocurrency companies, according to a news release. CoinFlip's new lease is now officially the largest cryptocurrency office in the city of Chicago.
