- RockItCoin now manages almost 1,900 machines in 44 states following the acquisition.
- Chief executive officer and creator of RockItCoin expected further acquisitions in Q4 2022.
On October 25th, Bitcoin ATM provider RockItCoin announced it has acquired Tao Bitcoin. Located largely in southeast the U . s . States, Tao Bitcoin operates 56 Bitcoin ATMs round the country.
The firm claims the acquisition is made included in an attempt to determine synergies along with other, similarly sized companies within the regional Bitcoin ATM market. Because of the purchase, RockItCoin now manages almost 1,900 machines in 44 states.
Further Expansion Expected
Obama of RockItCoin, Ben Phillips, has predicted the Bitcoin ATM sector would consolidate in 2023, and also the firm is anticipated to get others within the next several weeks.
Additionally, Michael Dalesandro, Chief executive officer, and creator of RockItCoin, expected further acquisitions within the 4th quarter of 2022. Bitcoin ATMs formerly of Tao is going to be renamed as RockItCoin machines throughout the following several days.
Tao Bitcoin, co-founded by John Taylor and Andrew Arterburn in 2016, checked out numerous bids for that machines before buying RockItCoin because of the company’s “values carefully aligned with this own.”
The world marketplace for cryptocurrency ATMs is anticipated to grow considerably within the next 5 years, reaching $500M by 2023. Research and Markets predicts a CAGR of 59% for that sector between 2022 and 2027 in research released in This summer.
The report estimates that the need for the cryptocurrency ATM market would rise from the current $46.4 million to $472 million through the finish from the forecast period. Elevated worldwide transfers of cash, particularly to third world countries, alterations in financial policy, and also the spread of cryptocurrency ATMs are factors fueling this expansion.
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