Bitcoin ATM Operator RockItCoin Acquires Tao Bitcoin
The transaction included 56 machines from Tao Bitcoin, a regional operator in the southern United States.
New
Bitcoin (BTC) ATM operator RockItCoin announced the acquisition of Tao Bitcoin on October 25. Tao Bitcoin is a regional ATM operator with 56 machines, mostly located in the southern United States.
According to the company, the acquisition was part of the company's strategy to find value and synergies among smaller and regional players in the Bitcoin ATM space. With this agreement, the machines operated by RockItCoin have reached nearly 1,900 units in 44 US states.
The Bitcoin ATM industry is poised for consolidation in 2023, according to RockItCoin President Ben Phillips, with the company likely to acquire more players in the coming months. He said:
"Where costs are rising for many regional players, our existing networks, relationships and operations are poised to scale."
RockItCoin CEO and Founder Michael Dalesandro also has plans for further acquisitions in Q4 2022:
"We are constantly looking for ways to expand our footprint while continuing to serve our customers with convenient physical locations where they can buy and sell cryptocurrencies safely and efficiently."
Over the next few weeks, the old Tao Bitcoin ATMs will be renamed to RockItCoin locations. Founded in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers for the machines but decided to close the deal with RockItCoin after considering "values closely aligned with ours".
"We're proud of the business we've built from the ground up to provide consumers with easy access to cryptocurrency," Taylor said of the acquisition.
Over the next five years, the global cryptocurrency ATM market is expected to grow rapidly to reach a half-billion dollar market. A report published in July by Research and Markets
The transaction included 56 machines from Tao Bitcoin, a regional operator in the southern United States.
New
Bitcoin (BTC) ATM operator RockItCoin announced the acquisition of Tao Bitcoin on October 25. Tao Bitcoin is a regional ATM operator with 56 machines, mostly located in the southern United States.
According to the company, the acquisition was part of the company's strategy to find value and synergies among smaller and regional players in the Bitcoin ATM space. With this agreement, the machines operated by RockItCoin have reached nearly 1,900 units in 44 US states.
The Bitcoin ATM industry is poised for consolidation in 2023, according to RockItCoin President Ben Phillips, with the company likely to acquire more players in the coming months. He said:
"Where costs are rising for many regional players, our existing networks, relationships and operations are poised to scale."
RockItCoin CEO and Founder Michael Dalesandro also has plans for further acquisitions in Q4 2022:
"We are constantly looking for ways to expand our footprint while continuing to serve our customers with convenient physical locations where they can buy and sell cryptocurrencies safely and efficiently."
Over the next few weeks, the old Tao Bitcoin ATMs will be renamed to RockItCoin locations. Founded in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers for the machines but decided to close the deal with RockItCoin after considering "values closely aligned with ours".
"We're proud of the business we've built from the ground up to provide consumers with easy access to cryptocurrency," Taylor said of the acquisition.
Over the next five years, the global cryptocurrency ATM market is expected to grow rapidly to reach a half-billion dollar market. A report published in July by Research and Markets
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