Bitcoin Depot converts BTC ATMs software to reduce operating costs
Over the past few months, the installation of crypto ATMs across the globe has seen a steady decline. While some providers have taken ATMs out of operation due to geopolitical tensions and revenue declines, Bitcoin Depot has opted to convert its physical Bitcoin ATMs to software. The company recently converted all 7,000 of its crypto ATMs and kiosks to a software-based offering powered by BitAccess after acquiring a majority equity in the company in November 2022. By vertically integrating hardware and software, the software conversion drive has eliminated annual software licensing fees, which previously accounted for $3 million in annual operational costs. Explaining the motive behind the move, Bitcoin Depot's VP of BTM Operations, Jason Sacco, stated that the first 6,000 of Bitcoin Depot's Bitcoin ATMs were software-converted in 10 weeks. The increase in crypto ATMs is directly proportional to the amount of crypto exposure for the general public. While El Salvador has opted for Bitcoin as a legal tender and is building a supporting infrastructure of 200 ATMs and 50 branches, the UK's financial regulator, the Financial Conduct Authority (FCA), has announced that all crypto ATMs operating in the UK are unregistered and illegal, and they intend to disrupt unregistered crypto businesses in the country.