New Tandem of Czech Bitcoiners

Establishing conglomerates and periodic takeover of smaller companies by larger players are typical phenomena in financial world. Bitcoin-world is not an exception. Recently Czech media announced that the third world-largest manufacturer of cryptocurrency-ATMs, General Bytes, has become a share-holder in the largest Czech online-resource Simple Coin, which is specialized in exchange operations.
 
Share of General Bytes is 50% of the total price of the transaction service. New association will allow clients economizing on money transfers, number and volume of which grows daily at the background of economical boost in the European country.
 
Half of the authorized capital remains in the hands of the Simple Coin’s founder, Pavel Niedoba, who holds the position of CEO. Owners of General Bytes are Karel Kiosk (55%), Martin Charvat (35%) and David Moran (10%). Karel Kiosk also holds a post of CEO. As of now the merger of two companies hasn’t received an official form, but two Czech giants came to an agreement to act jointly.
 
Both merged companies expect to get double profit. Simple Coin hopes to reinforce its positions in Czech Republic, develop markets in Poland and neighbor Slovakia and then to extend expansion area. Wide experience gained by General Bytes in the international market during years of successful operation can become a basis for success.
 
Thanks to advantageous financial influence, transaction volume of Simple Coin grew three-fold during last year. The annual turnover is almost 1.5 million euro and can reach the level of 150 million Czech koruna (5.5 million euro).
 
The major advantages of Simple Coin are:

• Full legitimacy of business.
• Lack of criminal money laundering schemes.
• Anonymity of money transactions.
• Simple registration.
• Fast transactions.

 
Execution of applications is carried out via financial institutions. Clients transfer money to the company’s account and receive in exchange an adequate amount of cryptocurrency, or vice versa. Users need to have only an e-mail address. There is no need to pass annoying registration and provide confidential information.
 
The company has correspondent accounts in four major banks of the country. Transactions are performed in a matter of minutes. The average commission rate of Simple Coin is 3.7%.
 
Achievements of General Bytes are also impressive: last year the company sold 100 Bitcoin ATMs, which amounts 13% of world-wide sales. The company manufactures 2 kinds of Bitcoin-АТМ:

• “One-way” models that only sell cryptocurrency
• “Multi-purpose” models that operate in “sale/purchase” mode.

The price for ATMs varies from 3,000 to 8,000 dollars. Last year the average revenue of the manufacturer was around 500-600 thousand dollars. Moreover, the company also manufactures and sells payment terminals for smart-booths. This is a promising direction of business development as well. General Bytes demonstrates sustainable growth of its income every year.