Bitcoin Depot, an Atlanta, Georgia-based manufacturer and distributor of cryptocurrency ATMs, has announced that it is fusing with its competitor DFW Bitcoin, which also develops similar machines for depositing and withdrawing crypto funds.
Bitcoin Depot Is Headed for the Top
In what is more of a buy-out than a full-on fuse, DFW Bitcoin only has about ten individual crypto ATMs stationed throughout the United States. They are now owned and operated by Bitcoin Depot, and analysts are going crazy over the news. The prediction is that not only will cryptocurrency become more legitimate, but this maneuver, being the first of its kind, also signifies what they refer to as a “compound growth rate” of nearly 50 percent for digital currency within the next five years.
Brandon Mintz, CEO of the company, explains:
Our acquisition of DFW Bitcoin is exciting news for both Bitcoin Depot and the Bitcoin ATM industry at large. The ten existing DFW Bitcoin ATMs are added to the 22 Bitcoin Depot ATMs already located across Texas, strengthening our network, our position in the market, and supporting the evidence for major growth in the industry projected by experts. The acquisition also demonstrates that Bitcoin Depot has the buying power to acquire smaller Bitcoin ATM operators who may be struggling.
It’s unclear how much of that struggle may be real. While some cryptocurrency ATM companies may be smaller than others, the business of bitcoin ATMs has grown exponentially over just the last three years alone. Also known as bitcoin kiosks, these machines are popping up all over the place including in Europe and Australia thanks to a growing demand to withdraw crypto funds for payments for goods and services.
Through Bitcoin Depot machines, users can also trade, sell and purchase assorted cryptocurrencies such as bitcoin (of course), Litecoin, bitcoin cash and Ethereum. Typically, these transactions occur in mere seconds; they are safe, fast, and easy even for those with no technical experience. While most Bitcoin Depot machines are situated in the rural south, the company claims to have ATMs stationed throughout the U.S.
The Crypto ATM Business Is Growing Quickly
Mintz went on to say:
Bitcoin Depot has contributed to the growth of the Bitcoin ATM industry by operating nearly 300 Bitcoin ATMs in the United States to date. Our company expects to have over 1,000 Bitcoin ATMs deployed by the end of 2020. We believe installing and acquiring more Bitcoin ATMs and maintaining zero transaction fees will continue to increase bitcoin adoption in the future and beyond, creating a larger market for expansion. In short, we’re continuing to grow the industry and further strengthen our network over the coming months and years.
Bitcoin Depot recently became the largest cryptocurrency ATM operator across the globe and jumped from third place to first within the span of just one year.
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