- SPAC GSR II Meteora Acquisition Corp. has merged with Bitcoin Depot.
- After the transaction is completed, SPAC will be replaced in the stock market.
bitcoin warehouseThe cryptocurrency ATM supplier is said to have closed a $885 million SPAC (Special Purpose Acquisition Corporation) agreement to be released to the public, as reported on the official Twitter site. Today, it was announced that SPAC GSR II Meteora Acquisition Corp. will merge with Bitcoin Depot, located in Atlanta.
A Special Purpose Acquisition Corporation (SPAC) is a type of shell company that raises money from investors and trades in the public stock markets. The company’s one and only goal is advertising by merger. After the transaction is completed, SPAC will be replaced in the stock market by the public company.
Easy and convenient for users
Founded in 2016, Bitcoin Depot now extends to North America with over 7,000 retail locations. Bitcoin ATMs are different from traditional ATMs. Users are unable to make deposits or cash withdrawals. Alternatively, customers can purchase cryptocurrency by scanning a code and paying with cash.
Easy access to cryptocurrencies through ATMs is a positive step for the industry. In addition, the use of cryptocurrency ATMs continues to rise. About 6,000 of these ATMs were in operation as of 2019. Consider 2022, when there were more than 40,000 machines. However, development was halted for some time.
Bitcoin Depot claims to be doing well despite the widespread pessimism. Despite market volatility, the company has maintained sustainable growth. In the second quarter of 2022, the company generated record revenue (EBITDA), which is earnings before interest, taxes and amortization. Bitcoin Depot has just launched a scheme that allows customers to buy Bitcoin with cash at more than 8000 places without the need for physical kiosks.
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