Unbank, the oldest and one of the largest Bitcoin ATM networks in the U.S., processed over 41,000 transactions worth $40 million in the second half of 2024 using BTCPay Server.
In a case study published by BTC Pay Server, the companys demonstrates how open-source software can power enterprise-scale cryptocurrency operations.
The company, which operates more than 850 ATMs nationwide, completed its migration to BTCPay Server in June 2024, marking a significant shift from traditional centralized payment processors. The move has resulted in substantial cost savings and improved system reliability, according to Unbank founder Emilio Pagan-Yourno.
The transition to BTCPay Server was driven by recurring issues with their previous provider’s API and mounting costs. The company’s engineering team, led by Oshane Bailey, completed the implementation within three months, despite limited resources compared to larger competitors like Coinbase and Kraken. 
“With the centralized service we used before, we saw countless API issues, transactions failing that we’d have to re-broadcast because their API went down. The stability has increased tremendously from operating on BTCPay Server,” said Oshane Bailey, engineering lead at Unbank.
Unbank’s core objective was to build a robust exchange to drive buy and sell transactions on their app. With BTCPay Server, the company maintained its fully non-custodial business model, ensuring end-users retain control of their wallets.
Non-Custodial Architecture
Unbank founder, Emilio Pagan-Yourno, a Mt. Gox collapse victim, emphasized the importance of a non-custodial service. BTCPay Server’s architecture perfectly aligned with Unbank’s operations, allowing users to interact with Unbank’s services without ever granting access to their wallets.
Implementation and Results
The Unbank team successfully deployed BTCPay Server on a dedicated VPS, finding the maintenance reasonable. BTCPay’s Docker-based deployment, pre-built integrations, and customizable software allowed Unbank to quickly establish a secure system without third-party intermediaries.
“We’re a small team, we aren’t venture-backed…so to have a free open source software with this many features…is a huge asset for us,” shared Emilio Pagan-Yourno.
Unbank finalized its migration to BTCPay Server on June 1, 2024. From June 1st to December 31, 2024, Unbank recorded 41,416 transactions, driving a gross volume of $40 million.
Transaction Breakdown:
- Bitcoin ATMs: Nearly $38 million (over 30,000 transactions)
- ATM Cash Withdrawals: Over $2.5 million (over 7,000 transactions)
- Cash Register Bitcoin Buys: Over $400,000
- Venmo/PayPal/Debit Card Sells: $450,000 (around 1,000 transactions)
Unbank’s success demonstrates BTCPay Server’s reliability and scalability for high-volume operations. The company also plans to switch their ATM network’s exchange backend to BTCPay Server, anticipating further stability improvements and cost savings.
Embracing Bitcoin Values
“BTCPay server allows anyone to host a node and accept Bitcoin payments without any fees, so it aligns perfectly with the values of Bitcoiners,” concluded Emilio Pagan-Yourno.
By prioritizing self-custody and leveraging BTCPay Server, Unbank is contributing to Bitcoin adoption and promoting a safer, more secure ecosystem for its users.
Link to full case study:
https://blog.btcpayserver.org/case-study-unbank/
