Feb 28, 2023
Bitcoin Depot Converts 7,000 Crypto ATMs to Software
Crypto ATMs have seen a steady decrease in installations around the world in recent months. This has been due to numerous factors, from geopolitical tensions to a decrease in revenue. However, providers like Bitcoin Depot have been able to turn this trend around by converting their physical Bitcoin (BTC) ATMs to software.
In November 2022, Bitcoin Depot acquired majority equity in BitAccess, a software-based offering. This move allowed them to vertically integrate their hardware and software, and ultimately eliminate annual software licensing fees. These fees had previously cost the company $3 million in operational costs per year.
The conversion of Bitcoin Depot’s 7,000 crypto ATMs and kiosks to software was completed in 10 weeks. This was made possible by swapping out the existing hard drive with one preloaded with BitAccess software.
The increase in crypto ATMs is an indication of the growing exposure of crypto to the general public. For example, El Salvador recently announced plans to build a supporting infrastructure of 200 ATMs and 50 branches after adopting Bitcoin as a legal tender.
The U.K.’s financial regulator, the Financial Conduct Authority (FCA), recently announced that all crypto ATMs operating in the country are unregistered and illegal. The FCA’s executive director of enforcement, Mark Steward, has made it clear that they intend to disrupt unregistered crypto businesses in the U.K.
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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
