RockItCoin acquires Tao Bitcoin. Tao Bitcoin is a regional ATM operator with 56 machines, mostly located in the south of the United States.
On October 25, bitcoin ATM provider RockItCoin announced the acquisition of Tao Bitcoin. Tao Bitcoin is a regional ATM provider with 56 machines, the most of which are situated in the south of the country.
The company claims that the acquisition was a part of its plan to combine smaller, regional Bitcoin ATM companies to create value and synergies. The agreement increased the number of machines run by RockItCoin throughout 44 U.S. states to over 1,900.According to RockItCoin president Ben Phillips, the market for Bitcoin ATMs is set to consolidate in 2023, and the company is probably going to buy additional competitors soon. He declared:
“Where costs are increasing for many of the regional players, our existing networks, relationships and operations are poised for scalability.”
Michael Dalesandro, the CEO and founder of RockItCoin, predicted further acquisitions for the fourth quarter of 2022:
“We are constantly on the lookout for ways to expand our footprint while continuing to serve our customers with convenient physical locations where they can safely and efficiently buy and sell cryptocurrency.”
The global market for bitcoin ATMs is anticipated to expand quickly over the next five years to reach $500 million. According to a report released in July by Research and Markets, the sector will develop at a compound annual growth rate of 59% between 2022 and 2027.
The market for cryptocurrency ATMs is presently valued at $46.4 million, and over the forecast period, analysts predict this value to rise to $472 million.The rise in remittances and financial transfers in developing nations, changes in monetary laws, and the installation of crypto ATMs are some of the primary factors causing this expansion.
