RockItCoin Bitcoin ATM Acquires Tao Bitcoin
Bitcoin (BTC) ATM operator RockItCoin announced its acquisition of Tao Bitcoin on October 25. Tao Bitcoin is a regional ATM operator with 56 machines, most of which are located in the southern United States.
According to the company, the acquisition was part of the company’s strategy to create value and synergy among smaller and regional players in the Bitcoin ATM space. With this transaction, the number of machines operated by RockItCoin has reached approximately 1,900 units in 44 states of the United States.
The Bitcoin ATM industry is poised for consolidation in 2023, according to RockItCoin president, Ben Phillips, and the company is likely to gain more players in the coming months. He explained:
“Where costs are increasing for many regional players, our existing networks, relationships, and operations are poised for scalability.”
Michael Delsandro, CEO and founder of RockItCoin, predicted 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 convenient physical locations where they can safely and efficiently buy and sell cryptocurrency.”
Over the next few weeks, the former Tao Bitcoin ATMs will be rebranded as RockItCoin locations. Founded in 2016 by John Taylor and Andrew Arterbern, Tao Bitcoin analyzed several offerings for machines but decided to close the deal with RockItCoin after considering “values that closely match our own.”
“We are proud of the company that we started from scratch to provide consumers with 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 a half-billion dollar market. A report published in July by Research and Markets estimates a 59% compound annual growth rate (CAGR) for the industry from 2022 to 2027. The crypto ATM market is currently estimated at $46.4 million and this value is expected to rise to $472 million.