Bitcoin Depot, a leading U.S.-based Bitcoin ATM operator, and GSR II Meteora Acquisition Corp. — a special purpose acquisition company have announced the successful closing of their business combination, according to a recent press release.
The Consolidation and Future Prospects
Moving forward, the merged entity will adopt the name Bitcoin Depot Inc. and will continue to operate under the guidance of its current management team. The company’s common stock and public warrants are anticipated to commence trading on the Nasdaq from July 3, 2023, under the ticker “BTM” and “BTMWW.”
Brandon Mintz, CEO and Founder of Bitcoin Depot, said:
“The closing of this transaction and our listing on Nasdaq is a big leap forward and a proud moment for the entire Bitcoin Depot team.”
He expressed confidence in the company’s strategic positioning, citing its robust market share in North America and the additional capital from the transaction as crucial enablers of their ambitious growth plans. The central objective? “Safely, securely, bring Bitcoin to the masses,” Mintz concluded.
About Bitcoin Depot
Bitcoin Depot, founded in 2016, aims to bridge the gap between those who prefer to use cash and the broader digital financial system. Helping users convert cash into Bitcoin efficiently and intuitively, the company has built a sizeable footprint with approximately 6,440 kiosk locations across North America as of March 31, 2023.
As the dust settles on this significant merger, the combined entity now sets its sights on leveraging its unique position within the growing Bitcoin ecosystem, armed with the ambition and means to advance the mission of bringing Bitcoin securely and safely to the masses.
History of Bitcoin ATMs
Bitcoin ATMs, or BTMs, are physical kiosks that allow the buying and selling of Bitcoin and other cryptocurrencies. The first Bitcoin ATM was installed in 2013 by Robocoin in Vancouver, Canada. Following this, numerous BTM operators emerged worldwide, aiming to make Bitcoin transactions more accessible.
Companies like CoinFlip, Bitcoin Depot, and Coinsource have become prominent operators in the U.S., known for their user-friendly interfaces and quick transactions.
Genesis Coin launched the first two-way Bitcoin ATMs in 2015, allowing users to buy and sell Bitcoin. The increase in BTMs reflects the growing acceptance of cryptocurrencies. However, these machines have also faced criticism due to money laundering and fraud concerns.
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