Chicago’s fastest growing company, CoinFlip is preparing for the crypto future

In May 2022, I met some of the top innovators building Chicago’s crypto and Web3 ecosystem. Since then, a lot has happened. Rising interest rates, weakened demand for risky assets and a wave of bankruptcies in the crypto industry have sent the prices of the most popular cryptocurrencies soaring. Most notably, Bitcoin prices fell nearly 65% ​​in 2022, which was the worst annual performance since its 73% decline in 2018.

The downturn in the crypto market, the catastrophic demise of FTX, and the arrest and extradition of FTX founder Sam Bankman-Fried in December have fueled vociferous calls for government regulation of cryptocurrencies from government officials, industry leaders, and retail and institutional investors.

Despite crypto lender Genesis filing for bankruptcy in January, there have been some signs of better times ahead. Forbes contributor Wayne Duggan provides insights we can use to form an opinion on the current market outlook for the crypto market, helping us decide if it’s a sign of strength or just a bear market rally that gives investors an opportunity to sell into temporary strength .

The industry’s uncertainty prompted me to contact Ben Weiss, CEO and co-founder of CoinFlip. His firm is the largest crypto company headquartered in Chicago, which secured a new 44,000 square foot headquarters in the former Chicago Post Office in late 2021. The company’s mission is to find ways to make crypto more accessible to the average investor and to support customers every step of the way, which explains CoinFlip’s expansion of 4,000 CoinFlip ATMs in 49 states, Puerto Rico and Canada.

Under Weiss’ leadership, CoinFlip was named the #1 fastest growing company in Chicago by Crain’s Chicago Business in 2022 and now ranked #92 on the Inc. 5000 list, proving the demand for a more accessible space for cryptocurrency.

When I last spoke with Weiss, CoinFlip was preparing to expand its current headcount across all departments, add new lines of business, grow internationally, and cement itself as a leading fintech company.

However, at the time of our last conversation, crypto winter had yet to arrive, so I was interested to learn how Weiss was prepared to lead the company through these challenging times. Surprisingly, I learned that despite the crypto market conditions, CoinFlip continues to grow its team and maintain its top talent. Over the past year, CoinFlip nearly doubled its headcount with no signs of slowing down. In the coming months, CoinFlip will unveil a next-generation cryptocurrency-powered financial services platform that will support a user’s entire cryptocurrency journey. The company has opened the waiting list at join.olliv.com. The expanded offerings will build on the company’s current Trade Desk and ATM capabilities. The company also recently expanded its corporate offices to Tampa where they opened their Crypto Experience Center (CEC).

I asked Weiss what made him confident to make such a bold decision. “It’s not me, but ‘us’ – as a team seeing a way out of this storm.” Leading a business at a young age, Weiss quickly learned that relying only on yourself is poor leadership and will hinder success and opportunity. “CoinFlip sees the recent shake-up as an opportunity to increase education for the masses and deliver products that are easy to understand and trust for everyone. We strongly believe that accessibility is a core barrier to entry, so every expansion and innovation is targeted towards growing the next million crypto investors and empowering them to make smart and confident choices.Since the brand’s inception, we’ve ensured that communications and public resources were at the forefront of our offerings, so we’re ready to continue down this path and contribute to to restore faith in the industry.”

He continues, “CoinFlip wholeheartedly believes in the future of crypto and the power of blockchain technology. External industry news and a few bad actors will not affect our growth and search for more innovative solutions to make cryptocurrency more accessible to people around the world. We have seen incredible success because we build products for the masses, and we believe that everyone deserves to take part in the new digital economy.”

Although this time has presented many challenges, Weiss is used to handling difficult situations.

Daniel Polotsky, founder and chairman, started CoinFlip from his dorm as a freshman at Northwestern University. He soon asked his good friend from high school, Weiss, to help support CoinFlip’s operations and join him on the founding team. By this time, many of Weiss’s friends had graduated and taken the traditional route of entering the corporate world and securing full-time jobs.

Weiss took the leap in June 2015 and joined Polotsky because he believed in the future of crypto and knew he always wanted to take a less traditional approach. He remembers asking family, friends and peers if he should take the risk and join the company. Weiss always said he knew he wanted to take the challenge, he simply asked for permission to take the first step.

Since joining, Weiss served as Chief Operating Officer and was named Chief Executive Officer in April 2021. Under his leadership, he helped CoinFlip surpass $1 billion in transaction volume. Since its inception, the company has not received external financing and operates profitably.

The future success of CoinFlip is not without obstacles, but the team is up for the challenge. Weiss recognizes that a win for his employees is a win for CoinFlip customers and the entire industry.

CoinFlip is committed to hiring in Chicago and its other corporate location, Tampa. In addition, CoinFlip will continue to support key initiatives in each city, such as sponsoring World Business Chicago’s ThinkChicago. ThinkChicago is a national STEM talent attraction and retention program led by WBC, in partnership with the City of Chicago, the University of Illinois System and the City Colleges of Chicago. It is designed to help students and alumni explore the city’s technology and innovation sector, while creating a space for students to network with industry professionals and businesses.

This type of community and business leadership helped win Weiss the EY Entrepreneur of the Year – Midwest Award in June 2022, one of the premier competitive business awards for entrepreneurs and leaders of high-growth companies who think critically to succeed.

He and his team will certainly need to think big to navigate the economic downturn and volatility in the crypto landscape. However, CoinFlip’s management philosophy empowers its employees to take the company to the next level. This drives employees who are encouraged to “think and act like owners” to focus on what unlocks new product solutions that bring the company’s mission to life.

Given CoinFlip’s leadership position in the industry and their strategic focus, CoinFlip is a company to watch as the cryptocurrency industry emerges from the crypto winter.

Follow me on Twitter or LinkedIn. check out my website or any of my other work here.