Business
Bitcoin Depot Completes Software Conversion to Bitaccess Across Full Bitcoin ATM Fleet
Conversion Vertically Integrates Bitcoin Depot Hardware and Software, Significantly Reduces Operating Cost, Provides Flexibility for New Functionality
About this update from Bitcoin Depot Inc.
[{"type":"text","content":"Conversion Vertically Integrates Bitcoin Depot Hardware and Software, Significantly Reduces Operating Cost, Provides Flexibility for New Functionality\nATLANTA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Lux Vending, LLC dba Bitcoin Depot® (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced today that all of its roughly 7,000 kiosks have been converted to BitAccess Inc. (“Bitaccess”) software, the premier software suite for Bitcoin ATM operations. Bitcoin Depot previously announced in late 2022 its acquisition of a majority equity interest in Bitaccess. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees which accounted for over $3 million of operating costs during the twelve months ended September 30, 2022. The investment in Bitaccess has also created flexibility for Bitcoin Depot to develop new lines of business involving its kiosks while providing a seamless experience between its app and Bitcoin ATMs. Bitcoin Depot’s majority interest in Bitaccess has enabled Bitcoin Depot to build out its BDCheckout product and its other software and operational capabilities and has expanded its revenue streams into kiosk management software, which includes various compliance systems, transaction processing and cash management capabilities. “This is the one of the first software conversions of this scale in the industry and a major accomplishment for our company,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our vertical integration strengthens our market position and fortifies our value proposition to customers and investors. We’re thrilled to see the results of this endeavor streamline our operations, reduce costs, and ultimately benefit our customers.” Bitcoin Depot’s VP of BTM Operations, Jason Sacco, and its Head of Product, Bill Knoll, led the project using in-house technical support and various third parties. Prior to joining Bitcoin Depot in 2020, Sacco and Knoll each gained over 15 years of relevant experience with a global cash ATM company, where they orchestrated a number of successful software and hardware conversions. “We streamlined the process to convert Bitcoin Depot’s Bitcoin ATMs to Bitaccess software during a testing phase, which allowed us to reduce the software conversio...