- RockItCoin now manages almost 1,900 machines in 44 states after the acquisition.
- CEO and creator of RockItCoin expected further acquisitions in Q4 2022.
On October 25th, Bitcoin ATM provider RockItCoin announced that it has acquired Tao Bitcoin. Located largely in the southern part of the United States, Tao Bitcoin operates 56 Bitcoin ATMs around the country.
The firm claims the purchase was made as part of an effort to establish synergies with other, similarly sized businesses in the regional Bitcoin ATM market. As a result of the acquisition, RockItCoin now manages almost 1,900 machines in 44 states.
Further Expansion Expected
The president of RockItCoin, Ben Phillips, has predicted that the Bitcoin ATM sector would consolidate in 2023, and the firm is expected to acquire other companies in the next months.
In addition, Michael Dalesandro, CEO, and creator of RockItCoin, expected further acquisitions in the fourth quarter of 2022. Bitcoin ATMs formerly owned by Tao will be renamed as RockItCoin machines during the following several weeks.
Tao Bitcoin, co-founded by John Taylor and Andrew Arterburn in 2016, looked at numerous bids for the machines before settling on RockItCoin due to the company’s “values closely aligned with our own.”
The worldwide market for cryptocurrency ATMs is expected to expand significantly over the next five years, reaching $500M by 2023. Research and Markets predicts a CAGR of 59% for the sector between 2022 and 2027 in research released in July.
The report estimates that the value of the cryptocurrency ATM market would rise from its current $46.4 million to $472 million by the end of the forecast period. Increased international transfers of money, particularly to developing nations, changes in monetary policy, and the spread of cryptocurrency ATMs are all factors fueling this expansion.
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