While the industry hasn’t been in great shape lately, crypto companies aren’t as hurt as one might think. In any case, this is not the case with Bitcoin Depot since despite the bear market, the company is disbursing funds for a big collaboration.
Bitcoin Depot and SPAC done!
The crypto ecosystem is growing every day with the mass adoption of cryptocurrencies. Despite the ups and downs in the sector, the expansion of digital assets is well underway; and for the moment, everything is going well on this side. With this in mind, Bitcoin Depot decides to take a big step.
Indeed, the crypto ATM provider partnered with SPAC (Special Purpose Acquisition Company) on August 25 according to a announcement from the Wall Street Journal. This agreement has only one purpose, to change the status of the company which will become public. Founded in 2016, Bitcoin Depot currently has more than 7,000 points of sale in Canada and the United States.
However, note that bitcoin (BTC) ATMs do not work like regular ATMs. Unlike the latter, they do not allow you to withdraw or deposit money. Rather, they allow users to acquire crypto by scanning a code and using cash.
The idea is quite brilliant since it makes digital assets more available. By joining the PSPC or blank check company, the supplier is certain to continue its work on a larger scale.
The effect of the bear market on the crypto ATM provider
Many companies operating in the sector have recently experienced some difficulties with the crypto winter. However, this is not the case with Bitcoin Depot. Indeed, Brandon Mintz, the CEO of the company, said that all is well and the company continues to grow despite the downtrend. The second quarter of 2022 was rather favorable to the supplier since the latter recorded record figures during this period.
And to top it all off, Bitcoin Depot announced a new program allowing users to use cash at around 8,000 locations without physical kiosks to buy crypto. In light of this remarkable growth, SPAC Co-CEO Gus Garcia reiterated his confidence in the company.
Crypto ATMs are getting a little more popular every year. Between 2019 and 2022, the number of distributors literally exploded. However, to evolve in this sector of activity, it is necessary to comply with certain rules. This is because Bitcoin Depot ATMs that operate in the USA must adhere to the Banking Secrecy and money laundering and collaborate with the Financial Crimes Enforcement Network.
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