Bitcoin Depot, the largest cryptocurrency automated machine teller operator, revealed its plans to go public via SPAC (Special Purpose Acquisition Company) with an $885 million deal with GSR II Meteora (GSRM) by the first quarter of 2023.
SPAC is known to solicit investment capital and trades on a stock exchange with a sole purpose to merge with a private company and take it public but will be replaced in the stock market as soon as the firm goes public after the deal.
“We’re excited about numerous growth opportunities and believe a public listing enhances our ability to scale and evolve to achieve our goal of providing a convenient and secure way to purchase cryptocurrency,” Bitcoin Depot CEO Brandon Mintz stated.
Over the past year, there has been a huge demand for crypto ATMs, making new investors dive into the crypto world. As we are progressively adapting to the new technology, crypto ATM companies said they can provide an easier and more familiar experience by converting fiat money to crypto through the availability of ATMs. This makes cryptocurrency readily accessible and gives a positive step for the industry.
Bitcoin Depot was established in 2016 with over 8,000 retail locations in North America without a physical establishment to purchase cryptocurrencies. They control 20% of the U.S. market at which people can exchange cash for cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
“We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions.” Brandon Mintz, Bitcoin Depot’s CEO, said in a statement.
Bitcoin ATMs operating in the United States will adhere to the Anti-money-laundering bank secrecy act and they’re needed to cooperate with the Financial Crimes Enforcement Network depending on the nature of the transaction, according to CEO Brandon Mintz. With the growing use of cryptocurrencies transactions, this indicated the growth of their company despite the market behavior.
Editor’s Note: This article by The Mega Maxi is not a financial advise.