Bitcoin ATM companies played a crucial role in adoption of cryptocurrencies. Though many entities have explored the space in past years, none could make it to get them publicly listed. The long unannounced tradition of not listing with an exchange stops now with the recent listing of a prominent Bitcoin ATM company, Bitcoin Depot, on Nasdaq.
Bitcoin Depot is the biggest crypto automated teller machine operator in the North American region with over 6,440 kiosk locations. With the new Nasdaq listing, the company takes another point added in its identity as the first company to get listed publicly.
Trading Under BTM Ticker
According to Nasdaq data, Bitcoin Depot Inc started trading under the ticker BTM. The current price of BTM stock is trading at $3.61 after surging over 11% in the last intraday trading session.
In an official announcement, Bitcoin Depot’s Founder and Chief Executive Officer, Brandon Mintz, stated, “Bitcoin Depot is well positioned with the largest market share in North America, and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely [and] securely bring Bitcoin to the masses.”
Primarily, a cryptocurrency ATM works akin to an ATM in general. The difference is the process where it gets used to make the purchase or selling of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and many more.
Trading, or buying and selling of crypto becomes relatively easier, even for newcomers or those taking their first steps in the space, with crypto ATMs. They facilitate the buying and selling of crypto assets, regardless of having an account with crypto exchanges. Also, restrictions like a bank blockade also could not halt the transactions through these ATMs.
Prominent Crypto ATM First to Get Listed
Bitcoin Depot holds the top position in the North American region in terms of ATM providers. Other companies to follow in line include Coin Cloud with 11.8% and CoinFlip with 11.2% of the market share.
The company is Financial Crimes Enforcement Network (FinCEN) regulated. It specially moved under the regulation following the concerns of ATMs to be misused for money laundering activities, raised by the United States Internal Revenue Service (IRS).
Increasing scrutiny and enforcement actions against crypto companies in the United States had not left Bitcoin ATMs as an exception.
Earlier, another prominent ATM company Bitcoin of America reportedly decided to shut down its operations in the US state of Connecticut. The company cited the reason of being charged for not complying with the regional regulations and lacking in the proper licensing.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.