Bitcoin ATM operator RockItCoin has today announced the acquisition of Tao Bitcoin, a regional ATM operator that operates about 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 cooperation among smaller and regional players within the Bitcoin ATMs space. After the acquisition, the ATMs operated by RockItCoin are now about 1,900 machines across 44 US states.
According to the president of RockItCoin Ben Phillips, the company is likely to acquire more players in the coming months. Ben said:
“Where costs are increasing for many of the regional players, our existing networks, relationships and operations are poised for scalability.”
The issue of additional acquisitions was also echoed by the RockItCoin CEO and founder Michael Dalesandro who said:
“We are constantly on the lookout for ways to expand our footprint while continuing to serve our customers with convenient physical locations where they can safely and efficiently buy and sell cryptocurrency.”
Tao Bitcoin ATMs to be rebranded
Following the acquisition, Tao Bitcoin’s ATM machines 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 that they settled on RockItCoin because “values closely aligned with our own.”
The post Bitcoin ATM operator RockItCoin announced acquisition of Tao Bitcoin appeared first on CoinJournal.