Bitcoin ATM operator RockItCoin acquires Tao Bitcoin

The Bitcoin ATM relation RockItCoin announced the acquisition of Tao Bitcoin connected Oct. 25. Tao Bitcoin is simply a determination ATM relation with 56 machines, mostly located successful the southbound of the United States.

According to the company, the acquisition was portion of they company's strategy to find worth and synergies among smaller and determination players successful the Bitcoin ATM space. With the deal, the machines operated by RockItCoin came to astir 1900 crossed 44 U.S. states.

The Bitcoin ATM manufacture is poised for consolidation successful 2023, according to RockItCoin's president Ben Phillips, with the institution apt to get much players successful the coming months. He stated:

“Where costs are expanding for galore of the determination players, our existing networks, relationships, and operations are poised for scalability.”

RockItCoin CEO and laminitis Michael Dalesandro besides anticipated further acquisitions successful the 4th fourth of 2022:

“We are perpetually connected the lookout for ways to grow our footprint portion continuing to service our customers with convenient carnal locations wherever they tin safely and efficiently bargain and merchantability cryptocurrency.”

Over the adjacent fewer weeks, the erstwhile Tao Bitcoin ATMs volition beryllium rebranded arsenic RockItCoin locations. Founded successful 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed respective offers for the machines, but decided to adjacent the woody with RockItCoin aft considering "values intimately aligned with our own.”

“We are arrogant of the institution we started from scratch to connection consumers casual entree to cryptocurrency,” stated Taylor astir the acquisition.

Over the adjacent 5 years, the planetary cryptocurrency ATM marketplace is forecast to turn rapidly to a half-billion dollar market. A study published successful July by Research and Markets estimates a compound yearly maturation complaint of 59% for the manufacture from 2022 to 2027. It presently values the crypto ATM marketplace astatine $46.4 cardinal and expects this worth to summation to $472 cardinal implicit the clip period.

Among the main drivers of this maturation are the summation successful remittances and money transfers successful processing countries, fluctuations successful monetary regulations, and crypto ATM installations.