Cryptocurrency ATM company Bitcoin Depot has reached an $885 million deal with a special-purpose acquisition company (SPAC) – GSR II Meteora Acquisition – that will see the company go public, the Wall Street Journal reported on Thursday.
- Founded in 2016, Bitcoin Depot is an Atlanta-based business that operates more than 7,700 digital currency ATMs spread across the United States and Canada.
- The SPAC agreement comes at a time of great volatility in the crypto sector, with most digital assets trading 70% or more down from their last November price peaks.
- According to Coin ATM Radar, a company tracking cryptocurrency ATM locations across the globe, there are more than 38,700 automatic crypto tellers spread out across the globe. The vast majority of crypto ATMs – over 35,000 – are located in North America.
- The number of crypto ATMs exploded in the past two years – Coin ATM Radar data shows an increase from about 6,300 in 2020 to 38,750 in 2022.
- Contrary to conventional ATMs, cryptocurrency tellers allow users to deposit cash to receive a corresponding amount of Bitcoin, Ethereum, and other supported digital currencies in exchange for a processing fee.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.