Bitcoin Depot conducted the conversion of all of its 7,000 crypto ATMs and kiosks to a software-based solution backed by BitAccess. It is believed that the software conversion step happened after Bitcoin Depot completed acquisition of maximum equity of BitAccess in November, 2022, as stated by Cointelegraph.
According to Cointelegraph, crypto ATMs’ software conversion involves integration between Bitcoin Depot’s hardware and software, removing annual software licensing fees. It is believed that the fees constituted about three million dollars in annual operating expenses.
On the basis of information by Cointelegraph, since July, 2022, BitAccess witnessed a fall in total ATM installations, as per inputs from Coin ATM Radar. Reportedly, BitAccess has fallen to the third rank after Genesis Bytes and Genesis Coin. “By swapping out the existing hard drive with one preloaded with Bitaccess software, we quickly completed the software conversion while avoiding certain technical issues that can happen in field conversion projects,” Jason Sacco, VP of BTM Operations, Bitcoin Depot, stated.
Moreover, Cointelegraph noted that Sacco also highlighted the conversion of the first 6,000 of Bitcoin Depot’s Bitcoin ATMs within 10 weeks from software. Experts suggest that enhancement in crypto ATMs is directly related to the amount of crypto exposure for general public.
(With insights from Cointelegraph)