Bitcoin Depot, a fintech company which is the largest operator of cryptocurrency ATMs have decided to list itself on the Nasdaq index on Wall Street. According to Bitcoin Depot, this public listing shall occur with the help of a merger through a special purpose acquisition company (SPAC) GSR II Meteora Acquisition Group (GRSM).
The deal is estimated to be valued at $885 million. This move by Bitcoin Depot is an intuitive, quick and convenient way of getting cash converted into crypto. The transaction is supposedly raising close to $321 million of cash which is held in GSRM’s trust account and shall be dedicated to helping Bitcoin Depot with the working capital.
It shall also extend support in terms of completing acquisitions while scaling the platform and the host of products it has to offer over time. Bitcoin Depot is based out of Atlanta and reports suggest that the deal shall be concluded by the end of next year.
The merger has been initiated at a time when the market suffered a downturn. This is an exceptionally tough time given the risk appetite of investors which has fallen.
Bitcoin ATMs help users to buy crypto with cash or debit cards, after which the token is sent directly to a wallet that the user chose.
All this can be done without having to visit a crypto exchange platform. Crypto ATMs are also sometimes linked with scam artists who have advertised products on eBay or Craigslist.
The scammers instruct their victims to make the payments by depositing the physical fiat currency in an ATM and then sending the crypto to a given wallet. After the transactions are completed, the products are not delivered by these fake sellers.
Bitcoin Depot has a network of more than 7,000 locations spread across the U.S and Canada. There are more than a total of 38,000 crypto ATMs which are in operation in 80 countries.
Atlanta-based Bitcoin Depot says it has a network of over 7,000 locations across the U.S. and Canada, giving it a global market share of 19.1%.
The goal of Bitcoin Depot is to ensure that through this initiative they reach the maximum number of people possible. Cryptocurrencies have been an easy way of owning money and also carrying out simpler monetary transactions.
Brandon Mintz, CEO, and Founder of Bitcoin Depot mentioned,
Today marks an important milestone for Bitcoin Depot. 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.
SPCAs of late have become a more preferred way of public listing. More than half of the IPOs in the year 2020 and the following year have taken place with a public listing. It is, however, important to know that the U.S Securities and Exchange Commission (SEC) has warned that SPCAs would be subjected to higher scrutiny.
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