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.
Featured image from UnSplash.Com , charts from TradingView.com
Set for 4th December 2023, the exchange aims to ensure a transparent and smooth wind-down process, reassuring users of the safety and security of all funds and tokens on its platform.
DavinAstraZeneca pioneers a healthcare revolution, unveiling Evinova to accelerate clinical trials and integrate digital solutions in a new era of medical advancements.
Hui XinDecentralized exchange dYdX has implemented new risk management measures after a targeted attack led to a $9 million depletion in its insurance fund.
AaronDFINITY Foundation and SingularityNET collaborate to advance decentralised AI infrastructure on the Internet Computer (ICP) blockchain. The partnership aims to bring the benefits of decentralised AI services to the developer community and humanity at large.
AaronA complete withdrawal from the US market is on the horizon as part of Binance's settlement with the Financial Crimes Enforcement Network (FinCEN).
DavinPrivy, a startup specialising in blockchain-based tools, has successfully secured $18 million in its Series A funding round. Paradigm, the crypto-focused investment firm, took the lead in this funding initiative, signaling a growing interest in web3 advancements.
JasperThe National Bank of Cambodia (NBC) has recently solidified its collaboration with Alipay, marking a pivotal step in enabling cross-border transactions for users of the NBC's digital currency, the bakong.
JasperThe potential for Binance CEO Changpeng Zhao to face a US jail term raises uncertainty, given his Dubai residence and the recent US-UAE law enforcement agreement.
Hui XinBrian Armstrong, CEO of Coinbase, applauds his company's adherence to U.S. money transmitter licensing laws amid Binance's recent legal troubles.
AaronBinance CEO Changpeng Zhao's resignation following legal challenges stirs varied reactions across the crypto community.
YouQuan