Bitcoin (BTC) ATM operator RockItCoin introduced the acquisition of Tao Bitcoin on Oct. 25. Tao Bitcoin is a regional ATM operator with 56 machines, largely positioned within the south of america.
In line with the corporate, the acquisition was a part of the corporate’s technique to seek out worth and synergies amongst smaller and regional gamers within the Bitcoin ATM house. With the deal, the machines operated by RockItCoin got here to virtually 1,900 models throughout 44 U.S. states.
The Bitcoin ATM trade is poised for consolidation in 2023, in response to RockItCoin president Ben Phillips, with the corporate prone to purchase extra gamers within the coming months. He acknowledged:
“The place prices are rising for most of the regional gamers, our present networks, relationships and operations are poised for scalability.”
RockItCoin CEO and founder Michael Dalesandro additionally anticipated extra acquisitions within the fourth quarter of 2022:
“We’re continuously looking out for methods to increase our footprint whereas persevering with to serve our clients with handy bodily areas the place they’ll safely and effectively purchase and promote cryptocurrency.”
Over the subsequent few weeks, the previous Tao Bitcoin ATMs can be rebranded as RockItCoin areas. Based in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed a number of presents for the machines however determined to shut the take care of RockItCoin after contemplating “values intently aligned with our personal.”
“We’re pleased with the corporate we began from scratch to supply customers quick access to cryptocurrency,” acknowledged Taylor in regards to the acquisition.
Over the subsequent 5 years, the worldwide cryptocurrency ATM market is forecast to develop quickly to a half–billion-dollar market. A report printed in July by Analysis and Markets estimates a compound annual progress fee of 59% for the trade from 2022 to 2027. It at the moment values the crypto ATM market at $46.4 million and expects this worth to extend to $472 million over the time interval.
Among the many essential drivers of this progress are the rise in remittances and fund transfers in creating international locations, fluctuations in financial rules and crypto ATM installations.