The ATM is among the more ubiquitous gateways to crypto, found at truck stops and bars around the world, but that status hasn't saved them from the broader system's maladies.
to crypto, found at truck stops and bars around the world, but that status hasn't saved them from the broader system's maladies,Top-5 bitcoin ATM operator Coin Cloud filed for Chapter 11 bankruptcy in Nevada on Tuesday, just steps behind its lender, Genesis Global.The number of access points for the crypto curious could shrink with the disappearance of each odd little kiosk.
It has $108.5 million in unsecured debt owed to Genesis Global Capital and $7.8 million in secured debt to Genesis Global Holdco. It also has expenses from a series of other unfortunate events including alleged employee fraud, faulty hardware, glitchy software, and a hack.It's now seeking new financing or will sell its assets.Bitcoin Depot, the third-largest operator, is poised to list on a U.S. stock exchange if it can clinch its SPAC deal, which would come with a cash injection it could arguably use.
Kiosk transaction revenue, which drives the majority of its sales, rose 120% in 2021 from the prior year to about $549 million, primarily driven by the higher number of kiosks in service, according to
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