Today this experiment has officially come to an end. Coin Sushi was successfully acquired by Ninja Group, marking the culmination of one of the most unusual and practical case studies in the crypto industry.
The restaurant created for a specific purpose
The idea for Coin Sushi stemmed from a clear challenge: fintech products are hard to test without using them in the real world. Simulated environments and pilot programs often fail to capture the complexity of live operations, customer behavior, and transaction pressure.
To address this, Szawczenko and his team decided to build their own environment – one where every transaction, order, and system interaction could serve as a test case. The team already held a VASP license (Virtual Asset Service Provider), allowing them to legally work with cryptocurrencies, including stablecoins and other digital assets. These regulatory foundations enabled direct integration of crypto payments into a functioning business.
“We considered various formats – from cafés to restaurants. However, our analyses showed that a sushi restaurant could be economically viable,” said Szawczenko, who is also the founder of Finunion.
From concept to reality
Coin Sushi opened near Warsaw’s Old Town in a compact 110‑square‑meter space, offering seating for about 22–24 guests. Though modest in size, the restaurant was designed to maximize operational learning.
The launch process faced challenges. Due to the team’s limited experience in the food industry, the opening was repeatedly postponed – from February to March, then April and May – until the test phase began in mid‑May 2023. Full‑scale operations started in June.
After opening, the restaurant quickly proved both commercially profitable and technically valuable. In the first year of operation:
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Monthly turnover reached about €40,000.
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Two ERP systems were tested for internal operations.
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Three proprietary crypto payment systems were implemented.
Each of these systems was tested in real‑world conditions, providing continuous feedback and data.
Product innovation and market response
While fintech defined the infrastructure, customer demand was driven by product creativity and marketing. The flagship menu item – sushi‑dogs (fried sushi rolls in a hot‑dog format) – became the centerpiece of the venue’s identity.
The unique product format made it perfect for social media sharing. A TikTok video created by a Polish influencer generated about a million views, sparking a sudden surge in demand.
Immediate effects:
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The restaurant operated at full capacity for many weeks.
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Corporate orders reached 150–200 sushi‑dogs at once.
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Brand awareness in Warsaw surged dramatically.
This demonstrated how a strong product‑market fit and viral distribution can multiply the scale of even a small venture.
Where the model hit its limits
Despite its success, Coin Sushi also revealed significant limitations. The small size of the restaurant, lack of a summer garden, and difficulties obtaining an alcohol license limited revenue growth and average order value. These structural factors hindered scaling the business in its current format.
“We realized that for stable and significant income in this model you need a minimum of 3–4 locations or a separate management company. A single restaurant, despite all efforts, remained more of an experiment than a scalable business,” explained Szawczenko.
This reflection forced a strategic decision: expand to multi‑location operations or exit the investment once the concept was validated.
Acquisition and expansion
Responding to interest from several players in the food industry, Coin Sushi was acquired by Ninja Group – an international restaurant group co‑founded by Oleksii Kostylov. The acquisition allowed the concept to move from an experimental platform to a scalable business model.
Leveraging its operational experience and infrastructure, Ninja Group incorporated Coin Sushi into its portfolio and quickly expanded its presence. After the transaction was finalized:
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The concept was integrated into Ninja Group operations.
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Two additional locations opened in Warsaw.
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Operational efficiency increased thanks to scale and experience.
Experiment concluded
For Szawczenko, Coin Sushi’s success is defined not only by financial results or the sale of the property but by fulfilling the original mission: testing fintech solutions in the real world.
“For us, Coin Sushi was not just a restaurant, but a practical testing ground for verifying fintech hypotheses in a real‑world environment. From that perspective, the project fully accomplished its mission,” he concluded.
(“For us Coin Sushi was not just a restaurant, but a practical experimental field for verifying fintech hypotheses in a real environment. From that perspective, the project fully realized its mission” – he summarized).
About the entities
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Coin Sushi: A Warsaw‑based restaurant concept launched in 2023, combining Japanese‑inspired cuisine with testing of cryptocurrency payments and business technology in the real world.
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Finunion: A fintech company focused on developing financial infrastructure and crypto‑based payment systems.
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Ninja Group: An international food operator specializing in scalable restaurant concepts and multi‑location expansion.
