Bitcoin Depot converts BTC ATMs to software to reduce operating costs
The software conversion of the crypto ATMs, which vertically integrates Bitcoin Depot’s hardware and software, eliminates annual software licensing fees. Crypto ATM installations have seen a steady decline across the world over the past several months. While some ATMs have been taken out of operation due to geopolitical tensions and revenue decline, some providers like Bitcoin Depot have started converting their physical Bitcoin (BTC) ATMs to software. Bitcoin Depot recently converted all of its 7,000 crypto ATMs and kiosks to a software-based offering powered by BitAccess. The software conversion drive came after Bitcoin Depot acquired majority equity in BitAccess back in November 2022. Months before the deal, Bitcoin Depot had revealed plans to go public in 2023 via an $885 million deal with a special-purpose acquisition company (SPAC). The software conversion of the crypto ATMs, which vertically integrates Bitcoin Depot’s hardware and software , eliminates annual software licens...