Bitcoin Depot is a brand new software that converts the ATMs of cryptocurrency. This software conversion vertically assimilates the software and hardware of Bitcoin Depot as well as eliminates the yearly licensing fees of the software.
The cryptocurrency ATM installation has been declining for the last few months which has not been a good result for the crypto market. A few ATMs were shut down owing to the reason that the operations have been significantly low. These ATMs also incurred less revenue along with geopolitical tensions. On the other hand, Bitcoin Depot managed to convert their real Bitcoin ATMs into the software.
New Crypto Software Named Bitcoin Depot
This Depot has recently started converting the entire crypto ATM as well as kiosks of almost 7,000 into software that is being power-driven by BitAccess. This conversion software took place once Bitcoin Depot purchased a larger part of the BitAccess equity in November 2022.
Bitcoin Depot was also launched and prepared to go on floors from 2023 months prior to this deal of a whopping $885 million. It must be noted that Bitcoin Depot can integrate the hardware and the software which massively reduces the licensing charges of the software that used to be a huge $3 million annually.
Details On Crypto ATM Software
BitAccess is 3rd in the list of ATM installations following Genesis Coin and Genesis Bytes. They have officially stated that 6,000 software ATMs had been converted within a span of 10 weeks initially which will increase in number quickly.
They have further added that they built an infrastructure to support 50 branches along with 200 ATMs in the US. The software conversion also avoids technical issues which frequently happen in field projects. As a result, they swapped the entire hard drive with a single BitAccess software.
