While some Bitcoin ATMs have been taken out of operation due to geopolitical tensions and revenue decline, providers like Bitcoin Depot have started converting their physical ATMs to software.
The software conversion drive came after Bitcoin Depot acquired majority equity in BitAccess in November 2022. Months before the deal, Bitcoin Depot hadin 2023 via an $885 million deal with a special-purpose acquisition company.
The software conversion of the crypto ATMs, which vertically integrates Bitcoin Depot’s hardware and software, eliminates annual software licensing fees. The fees previously accounted for $3 million in annual operational costs.In the first half of 2022, BitAcess became a market leader.
“By swapping out the existing hard drive with one preloaded with Bitaccess software, we quickly completed the software conversion while avoiding certain technical issues that can happen in field conversion projects.” Sacco also revealed that the first 6,000 of Bitcoin Depot’s Bitcoin ATMs were software converted in 10 weeks. The increase in crypto ATMs is directly proportional to the amount of crypto exposure for the general public.a supporting infrastructure of 200 ATMs and 50 branches.The United Kingdom’s financial regulator, the Financial Conduct Authority , recently announced that all crypto ATMs operating in the U.K. are unregistered and illegal.
At the time, FCA’s executive director of enforcement Mark Steward shared the intention to disrupt unregistered crypto businesses in the country.
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