Changes Introduced To BTC ATMs Software By Bitcoin Depot For Cost Reduction

In the past several months, cryptocurrency ATMs have continued losing their traction. There is not much adoption witnessed for cryptocurrency ATMs in these months.

Because of this, the installations of the crypto ATMs have continued dropping worldwide. Multiple reasons have resulted in the number of ATMs being reduced or taken out of operation from certain areas or entire regions.

As the reports suggest, there are several reasons why the adoption of crypto ATMs has declined. However, there is one universal factor that has resulted in the reduction of crypto ATMs in the past several months.

That particular are the processing fees because the users would have to pay extra whenever they use the crypto ATMs to withdraw funds.

Even the ATM service providers have to bear operational costs for the ATMs.

Bitcoin Depot has a Solution

This is when Bitcoin Depot, one of the largest Bitcoin ATM installation service providers sorted out the problem.

It is praiseworthy that while coming up with a solution to the problem, it has revolutionized the way Bitcoin ATMs work.

According to the latest communication by Bitcoin Depot, they are converting all of their physical ATMs to software. This way, they will be able to handle the ATMs very effectively and efficiently.

Most importantly, they will be able to cut down on operational and maintenance costs tremendously.

Physical ATMs to Software

Bitcoin Depot has announced that they have converted the nature of all of their Bitcoin ATMs. Until now, their ATMs were physical but now they have changed them to software.

They have done the same thing to the kiosks that the users had access to. The company has a total of 7,000 ATMs for cryptocurrencies and they will all be converted to software-based ATMs.

As per the officials, they have signed an agreement with BitAccess, which is providing them with the software that will run their software-based ATMs.

Bitcoin Depot is simply using the expertise and software-based specialties of BitAccess to launch highly comprehensible and reliable ATM software.

The crypto ATM service provider had acquire BitAccess back in November 2022. The company already had some equity in the software company but it reportedly acquire a majority stake in it.

Thus, Bitcoin Depot was able to acquire full authority over the company and it is now using its expertise to improvise in the crypto ATM sector.

Plans to Go Public

Bitcoin Depot has been undergoing several developments for a while and it has more plans that are currently in the pipeline. The company is not only seeking exposure in the crypto market but wants to do the same in the stocks.

It had announced back in 2022 that it was aiming to make a public debut. The company has plans to go public but it will be doing this somewhere between 2023.

The company had confirmed that it was not going to be a direct public listing. Instead, they would merge with a SPAC, and make a public appearance following that deal.

The company has already signed an agreement with SPAC and the deal has been finalized for $885 million.

Licensing Fees have been eliminated

As per the officials at Bitcoin Depot, they consider their latest move to be one of the best business decisions. It is going to save up a lot of money for their business that they can use to perform more research and development.

Up until now, the company had been installing its operational software into the cryptocurrency ATMs. However, for every ATM installed, they had to pay the licensing fees for the software.

The data shows that they had been paying $3 million for the software licenses they were installing on their ATMs. With the ATMs moving to software, they will get rid of these charges.

The company’s latest move is going to revolutionize the crypto ATM utility for Bitcoin Depot users. Soon, more companies may follow their lead, making things much easier for their users.