Bitcoin Depot
The largest provider of bitcoin ATMs, Bitcoin Depot, a fintech startup, has chosen to list on the Nasdaq index on Wall Street. According to Bitcoin Depot, a merger through the special purpose acquisition company (SPAC) GSR II Meteora Acquisition Group will enable this public listing to take place (GRSM).
The anticipated value of the transaction is 885 million USD. This action by Bitcoin Depot is a logical, rapid, and practical approach to convert money into cryptocurrency. According to reports, the deal would reportedly raise close to 321 million USD in cash, which will be stored in GSRM’s trust account and used to provide operational capital for Bitcoin Depot. In addition, it will provide help for completing acquisitions as it grows the platform and the variety of goods it offers over time. The purchase is expected to be completed by the end of next year. Bitcoin Depot is situated in Atlanta.
19% Market Share Worldwide
The merger was started at a time when the market was in decline. Given investors’ decreased risk appetite, this is an especially difficult period. Bitcoin ATMs let customers to purchase cryptocurrency using cash or debit cards, and the purchased token is then transmitted immediately to the user’s selected wallet. You may complete all of this without going to a site for cryptocurrency trading. Additionally, scammers who have offered their goods on eBay or Craigslist have occasionally been connected to cryptocurrency ATMs.
The con artists advise their victims to make the payments by placing the actual fiat money in an ATM and sending the cryptocurrency to a specific wallet thereafter. These fraudulent retailers fail to deliver the merchandise after the transactions are complete. In the United States and Canada, there are more than 7,000 Bitcoin Depot stores. There are already more than 38,000 crypto ATMs active across 80 nations. A network of over 7,000 sites across the United States and Canada, according to Atlanta-based Bitcoin Depot, gives it a 19.1% market share worldwide.
Source: https://www.thecoinrepublic.com/2022/08/28/crypto-atm-company-bitcoin-depots-885-million-deal/