Bitcoin ATMs are handy means of crypto transactions for users who want to receive BTC with checks. It's convenient to use and if you're in dire need of cash, this will be a go-to kiosk you should go to.
With the harsh reality that the crypto environment is facing right now, several crypto exchanges are forced to shut down. Even Cash Cloud, a known supplier of Bitcoin machines in the US and Brazil, is affected by the sudden downturn.
According to CoinDesk, the Las Vegas-headquartered company filed for bankruptcy after leaving liabilities that reached $500 million.
Cash Cloud Bankruptcy Might Plague Crypt ATM Users
It's hard to imagine that one of the biggest Bitcoin ATM operators in the US will be closing down after an unexpected bankruptcy.
Aside from the US, Cash Cloud is operating over 4,000 Bitcoin ATMs in Brazil. It's a well-known supplier that is also popular in South America.
Cointelegraph reports that before the company filed for bankruptcy, Genesis Global was the first one to undergo the filing. For those unfamiliar with Genesis, it's regarded as the biggest financial support of Cloud.
According to the report, Coin Cloud is liable for up to $500 million, per the document. At the time, it only held $50 million to $100 million in assets that's very small for a crypto-centered firm.
How Cash Cloud Sees This Bankruptcy Scenario
According to another article by Gizmodo, the company might be seeing this opportunity to be a more "financially stable company" in the future.
Apart from this reason, Cash Cloud aims to safeguard the reputation of their creditors, as well as rework their debt, according to Chris McAlary, the firm's CEO.
At this point, Chris remains hopeful that the company will rise to the ground that's why he's "optimistic" about the future of the growing crypto sector.
Bitcoin ATMs Are Everywhere
From the most sophisticated locations such as casinos and hotels to the simplest settings like gas stations and truck stops, the crypto ATMs are everywhere in the US.
The presence of these Bitcoin machines has contributed a lot to the crypto market. As Axios cited in its report, the number of the crypto ATMs in the country tripled in numbers from September 2020 to September 2022.
In the US alone, there are estimated 63,000 machines that are operating. While Coin Cloud enjoyed a short time of growth in the region, it did not manage to sustain its presence in the market because of the "crypto winter" that is still hitting several investors and companies.
In other news, Tech Times reported that Shark Tank star Kevin O'Leary believes that the AI can be a "fast-growing" investment to his portfolio.
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