Bitcoin Depot inks service deal with CEO’s firm Lucky Unicorn By Investing.com

Depot Inc., a financial services provider specializing in cryptocurrency ATMs, announced today that it has entered into a material definitive agreement with Lucky Unicorn LLC, a company owned by Bitcoin Depot’s founder, President, and CEO, Brandon Mintz. This agreement, effective since Thursday, will see Bitcoin Depot’s subsidiary Kiosk Technicians, LLC, provide administrative services to Lucky Unicorn, which operates kiosks unrelated to Bitcoin Depot’s core business.

Under the terms of the Kiosk Service Agreement, Kiosk Technicians will offer marketing, cash management, and asset management services for Lucky Unicorn’s machines. Additionally, the subsidiary will help with regulatory filings and compliance. In return for these services, Kiosk Technicians will receive 30% of the net profits generated by the kiosks, as defined in the agreement.

The collaboration is set for an initial term of three years, with the possibility of automatic one-year renewals unless either party gives a 90-day termination notice. This partnership underscores Bitcoin Depot’s expansion into service provision beyond its traditional Bitcoin ATM operations.

Bitcoin Depot, headquartered in Atlanta, Georgia, is listed on The Nasdaq Stock Market under the ticker symbols BTM for its Class A Common Stock and BTMWW for its Warrants. The company, which operates under the jurisdiction of Delaware, has been recognized as an emerging growth company.

The information about this business agreement is based on a recent SEC filing, reflecting Bitcoin Depot’s ongoing strategic developments.

In other recent news, Bitcoin Depot has been making significant strides in its expansion efforts. The company recently announced the appointment of Teri G. Fontenot to its Board of Directors, filling the vacancy left by Jackie Marks. Fontenot, with her vast experience in the healthcare sector and financial literacy, will serve as the Chair of the Audit Committee.

Simultaneously, Bitcoin Depot has been aggressive in its expansion, acquiring approximately 2,300 Bitcoin ATMs and signing agreements with over 2,000 new locations this year. This move is set to increase their total kiosks to over 10,000. The company has also secured a significant external investment for the deployment of 250 new Bitcoin ATMs as part of their profit share program.

Bitcoin Depot is also partnering with Fareway Stores Inc., planning to install Bitcoin transaction kiosks in 66 of the grocery chain’s stores across seven Midwestern states. In line with its global expansion strategy, the company is shipping 125 Bitcoin kiosks to Australia, expecting to tap into a market with significant growth potential and lower competition. These recent developments underscore Bitcoin Depot’s commitment to enhancing Bitcoin accessibility and its vision of bridging the gap between cash usage and digital financial systems.

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