Although the sector hasn’t been doing well lately, crypto firms haven’t been as badly hit. In any event, this is not the situation with Bitcoin Depot because the corporation is still disbursing money for a significant collaboration despite the bear market.
Done with Bitcoin Depot and SPAC!
As cryptocurrencies become more widely used, the crypto ecosystem expands daily. Despite the sector’s ups and downs, the expansion of digital assets is well under way, and things are now running smoothly on this end. In light of this, Bitcoin Depot makes a significant decision.
According to a Wall Street Journal report, the cryptocurrency ATM operator did in fact join forces with SPAC (Special Purpose Acquisition Company) on August 25. The sole objective of this agreement is to modify the company’s status so that it can go public. Since its establishment in 2016, Bitcoin Depot has grown to include more than 7,000 retail locations across North America.
But keep in mind that bitcoin (BTC) ATMs operate differently from standard ATMs. They do not let you withdraw or deposit money, in contrast to the latter. Instead, they let consumers buy cryptocurrency by scanning a code and paying with cash.
Given that it increases access to digital content, the concept is quite excellent. The supplier will definitely be able to carry out its work on a bigger scale by joining up with the SPAC or blank check company.
The impact of the bear market on the provider of crypto ATMs
The crypto winter has recently caused some challenges for many businesses in the sector. With Bitcoin Depot, this is not the case. The company’s CEO, Brandon Mintz, stated that despite the slump, everything is OK and business is booming. Due to the provider’s record-breaking performance at this time, the second quarter of 2022 was fairly advantageous for the supplier.
And to top it all off, Bitcoin Depot unveiled a new scheme enabling customers to purchase cryptocurrency using cash from about 8,000 places devoid of physical kiosks. SPAC Co-CEO Gus Garcia reiterated his trust in the company in light of this amazing expansion.
A little more people are using cryptocurrency ATMs every year. The number of distributors literally expanded between 2019 and 2022. However, adhering to specific guidelines is important for this industry to develop. Indeed, the Bank Secrecy and Money Laundering Act and the Financial Crimes Enforcement Network must be followed by Bitcoin Depot ATMs operating in the USA.
