Bitcoin Depot on the Nasdaq
Bitcoin Depot, the leading Bitcoin ATM company in North America, just entered the Nasdaq technology exchange. For Brandon Mintz, CEO and Founder of the company, this event not only marks an important milestone for his company, but also for the widespread adoption of Bitcoin (BTC):
« Our Nasdaq listing is a milestone and a proud moment for the entire Bitcoin Depot team. […] Bitcoin Depot is well positioned with the largest market share in North America and the additional capital from this transaction will help support our many growth opportunities while advancing our mission of bringing Bitcoin to people, safely. »
As these lines are written, Bitcoin Depot stock trades for $3.46 per unit. Defined by ticker BTM, it hit a high of $6.46 within minutes of its launch earlier this week.
This announcement comes in the context of a merger between the firm focused on distributors of bitcoins and the company GSR II Meteora (GSMR), a company specializing in the acquisition, reorganization and merger of companies. According to Gus Garcia, Co-CEO of GSRM, this operation intended to to perpetuate the strong progression of Bitcoin Depot in order to establish itself internationally.
« We believe that Bitcoin Depot needs to build momentum to take advantage of the extremely fragmented Bitcoin ATM market, both domestically and internationally. »
Note that the merged company will be renamed Bitcoin Depot Inc. and will be led by its existing management team. So, the cryptocurrency industry once again strengthens its presence in the world of traditional finance.
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Bitcoin ATMs: a physical place for a digital currency
Although bitcoins are issued and traded on the Web through centralized exchanges (CEX), decentralized exchanges (DEX), or even directly peer-to-peer, why is the bitcoin vending industry so successful?
For French people living in metropolitan France, the number of Bitcoin ATMs is ridiculously low: only 13 distributors are listedincluding 11 in the capital, the last two being accessible in Lyon.
However, internationally, Bitcoin ATMs have been democratized on a large scale. In our Spanish, Swiss and Polish neighbors alone, we have more than 150 bitcoin distributors. The top of the list goes to the United States which, in 2021, held nearly 27,000 machines dedicated to BTC exchange transactions, including more than 6,500 held by Bitcoin Depot.
Just like ATMswhich still exist despite the gradual decline in the use of cash and the development of online banking, Bitcoin ATMs can be used by citizens who experience difficulties with digital.
At the same time, the deployment of these machines in places with large crowds, such as shopping mallspromotes their use by local residents, while providing significant visibility to the world’s first cryptocurrency.
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Published by Editions Larousse
Sources : GlobeNewswire, ATM Map
2023-07-05 09:00:00
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