JAKARTA - Bitcoin ATM operator, RockItCoin, announced the acquisition of Tao Bitcoin on Tuesday, October 25. Tao Bitcoin is a regional ATM operator with 56 machines located mostly in the southern United States.
According to the company, the acquisition is part of the company's strategy to find value and synergies among small and regional players in the Bitcoin ATM space. With the deal, the machines operated by RockItCoin reach nearly 1.900 units in 44 US states.
According to RockItCoin president Ben Phillips, the Bitcoin ATM industry is poised to consolidate in 2023, and the company is likely to gain even more players in the coming months.
“Where costs increase for many regional players, our existing network, relationships and operations are poised for scalability,” said Ben Phillips, as quoted by Cointelegraph.
RockItCoin CEO and founder, Michael Dalesandro, also anticipates additional acquisitions in the fourth quarter of 2022.
“We are constantly looking for ways to expand our footprint while continuing to serve our customers with a convenient physical location where they can buy and sell cryptocurrencies safely and efficiently,” said Michael Dalesandro.
Over the next few weeks, the former Tao Bitcoin ATM will be renamed the RockItCoin location. Founded in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers for the machine but decided to close the deal with RockItCoin after considering “a value that aligns with ours.”
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“We are proud of the company we started from scratch to offer consumers easy access to cryptocurrencies,” Taylor said of the acquisition.
Over the next five years, the global cryptocurrency ATM market is expected to grow rapidly to become a half billion dollar market. A report published in July by Research and Markets forecast a compound annual growth rate of 59% for the industry from 2022 to 2027.
The current market value of crypto ATMs is 46.4 million US dollars and it is expected that this value will increase to 472 million US dollars during this time period.
Among the main drivers of this growth are the increase in remittances and transfers of funds in developing countries, fluctuations in monetary regulations and the installation of crypto ATMs.
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