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From a Single Bitcoin ATM in New Jersey to a National Cryptocurrency Network
Unbank, incorporated initially as PYC, Inc., was founded in April 2014 by Emilio Pagan-Yourno. The company later rebranded to its current name, Unbank. On February 2nd, 2016, Unbank installed its first General Bytes machine at Royal Fried Chicken in Elizabeth, New Jersey. Although Royal Fried Chicken has since closed, Unbank's presence in the area has remained and expanded nationwide.
Since its inception, Unbank has experienced significant growth. The company has deployed nearly 800 machines across 45 states in the United States. To further expand its network, Unbank has formed partnerships with established and reputable retailers. Additionally, Unbank has developed a mobile app, available on both the Google Play Store and Apple App Store, providing customers with more options to buy and sell cryptocurrency.
Overcoming Challenges in Early Crypto Adoption
Emilio Pagan-Yourno was captivated by the incredible potential of the crypto world, particularly its pseudonymous nature, robust security measures, and innovative technology developed to support transactions and usability. The industry's transformative power was obvious, but the means of integrating it into everyday life were few and far between, presenting Unbank with a unique opportunity to thrive.
However, this opportunity didn't come without its challenges. At the time, banks were reluctant to support the crypto industry, making it almost impossible to scale operations. Moreover, businesses were apprehensive about installing Unbank Kiosks in their storefronts due to their limited understanding of cryptocurrency and its potential role in the future economy.
Cash Logistics was also a difficult hurdle to overcome, as cash flow is a pivotal aspect of any BATM operation. Thankfully, Unbank has partnered with a combination of major and local carriers, which makes consistent cash flow possible.
Despite these obstacles, Unbank persevered. The struggles faced in its early days fortified the company, shaping it into the resilient and successful enterprise it is today. Through determination and vision, Unbank has emerged as a leader in bringing cryptocurrency to the mainstream, bridging the gap between digital assets and everyday transactions.
Unbank and General Bytes: A Synergy of Efficiency
Unbank appreciates how easy General Bytes makes it in the management system (CAS) to analyze various aspects of the business, such as transaction volumes, cash collections' analytics, and terminal uptime and performance. Our products, platform, and toolset have been instrumental in Unbank's success. With an operator-focused implementation, General Bytes creates an ecosystem that enables Unbank to adapt to regulations while delivering exceptional service and a smooth user experience for Unbank end-users. Additionally, the vast success of using our GMKits conversion kits for Genmega Universal Kiosks is notable — hundreds are currently in operation, comprising nearly half of Unbank's crypto kiosks.
Expansion and Partnerships
Unbank has significantly expanded by partnering with major retailers like CVS Pharmacy, Rite Aid, Love's, Winn-Dixie, and Office Depot. This expansion has provided numerous buying and selling services to its customers.
Compliance and Regulation
Meeting Compliance and regulation in the space is an ever-expanding challenge, although Unbank has continued to exceed regulator expectations and put forth policies that protect its customers' best interests.
