If the sector has not been in very good shape recently, crypto companies are not as harmed as we 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 are done!
The crypto ecosystem is growing every day with the massive adoption of cryptocurrencies. Despite the twists and turns that the sector is going through, the expansion of digital assets is going well; and for now, everything is going for the best 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 ad from the Wall Street Journal. This agreement has only one purpose, to change the status of the company that 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 conventional ATMs. Unlike the latter, they do not allow you to withdraw or deposit money. Instead, they allow users to acquire cryptos by scanning a code and using money.
The idea is quite brilliant since it makes digital assets more available. By joining forces with the SPAC or blank check company, the supplier is certain to continue his 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 everything is going well and that the company continues to grow despite the downtrend. The second quarter of 2022 was rather favorable for the supplier since the latter recorded record figures during this period.
And to top it all off, Bitcoin Depot has announced a new program that allows users to use cash in about 8,000 locations without physical kiosks to buy cryptos. In view of this remarkable growth, the co-CEO of the SPAC, Gus Garcia reiterated his confidence in the company.
Crypto ATMs are becoming 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. Indeed, Bitcoin Depot ATMs that operate in the USA must adhere to the law on banking secrecy and the money laundering and collaborate with the Financial Crimes Enforcement Network.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.