Bitcoin ATM operator RockItCoin today announced the acquisition of Tao Bitcoin, a regional ATM operator that operates approximately 56 machines, most of which are located in the United States.
According to RockItCoin, the new acquisition is part of its strategy to find value and collaboration between smaller and regional players in the bitcoin ATM space. Following the acquisition, ATMs powered by RockItCoin are now approximately 1,900 machines in 44 states.
According to RockItCoin President Ben Phillips, the company is likely to add more players in the coming months. Ben said:
“While costs are increasing for many of the regional players, our existing networks, relationships and operations are ready for scalability.”
The issue of additional acquisitions was also raised by RockItCoin’s CEO and Founder, Michael Dalesandro, who said:
“We’re constantly looking for ways to expand our footprint while continuing to provide our customers with convenient physical locations to buy and sell cryptocurrency safely and efficiently.”
Tao Bitcoin ATMs to be rebranded
Following the acquisition, Tao Bitcoin ATMs will be rebranded to reflect RockItCoin.
According to Tao Bitcoin founders John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers before settling on the RockItCoin deal. The founders said they chose RockItCoin because “values closely align with our own.”
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