Bitcoin Depot, North America’s largest crypto ATM provider, went live on Nasdaq Stock Exchange on Monday, July 3. The launching of Bitcoin Depot ranked as the first America Bitcoin ATM provider to be available on Nasdaq.
According to Nasdaq, Bitcoin Depot is listed under the ticker symbol BTM and is exchanging hands at $3.61. Over the last 24 hours, BTM trading volume reached $ 2089581.
Similarly, the Bitcoin Depot public warrant and common stock will be listed under BTMWW.
Bitcoin Depot Dubuts on Nasdaq Exchange
In a statement, the chief executive of Bitcoin Depot, Brandon Mintz, confirmed that the crypto ATM provider has a significant market share in North America. The executive stated that the firm would leverage its financial position to explore viable opportunities and support Bitcoin growth.
Despite the expansion efforts, Mintz confessed that Bitcoin Depot would focus on its core mission of offering safe and secure Bitcoin to the public.
As of this publication, the Atlanta-based Bitcoin ATM provider has approximately 6440 kiosks in North America. This has enabled the Bitcoin Depot team to cement its market position by offering users a platform to buy and sell crypto assets.
Additionally, the ATM provider supports the trader in buying and selling digital assets without opening an account with respective exchanges. Unlike other transactions done through an exchange, Bitcoin ATMs are friendly. For instance to complete a crypto transaction, the user only downloads a mobile application and provide critical information, such as phone numbers.
Recently, Bitcoin ATMs have gained proficiency following the fallout of major banks in the US. It was reported that despite banks failing to support crypto transfers amid the recent banking crisis, Bitcoin ATMs were used as an alternative method.
Factors Contributing to Growth of Bitcoin ATMs
Bitcoin Depot is competing with CoinFlip, Coinsource Inc., Paxful Inc., and Buy Bitcoin Worldwide to gain market dominance in North America. Based on Coin ATM Radar, Coin Cloud occupies an 11.8% market share while CoinFlip averages 11.2%.
In 2019 the US Internal Revenue Service (IRS) called for regulatory scrutiny of crypto ATMs. The IRS noted that the growing prevalence of Bitcoin ATMs has supported violating Know Your Customers (KYC) regulations and the bypassing Anti Money Laundering requirements.
The revenue regulators explained how Bitcoin ATMs had been used in conducting money laundering activities. The financial regulators observed that Bitcoin ATMs had been used by scammers who listed their fake products on eBay, Craigslist, and other online platforms.
The IRS report compelled the Financial Crime Enforcement Network (FinCEN) to enforce regulatory measures on crypto ATMs.
On June 30, the Pennsylvania fintech company GSR II Meteora signed a mergers and acquisition deal with Bitcoin Depot. The agreement allowed GSR to become a special-purpose acquisition company (SPAC) for the Bitcoin ATM provider.
In 2022 GSR and Bitcoin Depot estimated that the July 3 listing on Nasdaq would cost $885 million.
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