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Bitcoin ATM Operator RockItCoin Acquires Tao Bitcoin

garretschoenbergOctober 25, 2022
Bitcoin ATM Operator RockItCoin Acquires Tao Bitcoin

Bitcoin (BTC) ATM operator RockItCoin announced the acquisition of Tao Bitcoin on October 25th. Tao Bitcoin is a regional ATM operator with his 56 machines located primarily in the Southern United States.

The acquisition was part of the company’s strategy to find value and synergies among smaller and regional players in the Bitcoin ATM space, according to the company. Approximately 1,900 vehicles have been sold in 44 US states.

According to RockItCoin President Ben Phillips, the Bitcoin ATM industry is ready to consolidate in 2023 and is likely to gain more players in the coming months. he said:

“With increasing costs for many regional players, our existing networks, relationships and operations are ready for scalability.”

RockItCoin CEO and founder Michael Dalesandro also expects additional acquisitions in the fourth quarter of 2022.

“We are always looking for ways to grow our footprint while continuing to provide our customers with a convenient physical location to buy and sell cryptocurrencies safely and efficiently.”

In the coming weeks, the former Tao Bitcoin ATM will be rebranded as a RockItCoin location. Founded in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers for machines, but after considering “values ​​closely aligned with our own,” Lockit We have decided to terminate our trading with Coin.

“We are proud of a company that started from the ground up to give consumers easy access to cryptocurrencies,” Taylor said of the acquisition.

Over the next five years, the global cryptocurrency ATM market is expected to grow rapidly and become a $500 million market. In his July report by Research and Markets, he estimated the industry’s CAGR of 59% from 2022 to 2027. Currently, the cryptocurrency ATM market is valued at $46.4 million, and this value is expected to increase to $472 million over the period.

Key drivers of this growth include increased remittances and transfers in developing countries, changes in currency regulation, and the installation of crypto ATMs.