Bitcoin Depot expands into Puerto Rico with 87 retail locations

U.S.-based Bitcoin ATM operator Bitcoin Depot announced its plans to install its machines in 87 retail locations across Puerto Rico, following the signing of agreements with these locations to host Bitcoin ATMs (BTMs).

Bitcoin Depot has already shipped 40 kiosks to Puerto Rico, which are currently being prepared for installation. 

“This geographical expansion will introduce our Bitcoin ATMs to a totally new market with low competition,” said Bitcoin Depot CEO Brandon Mintz. “According to Coinatmradar.com, there are only roughly 45 existing Bitcoin ATMs in Puerto Rico.”

“We believe Puerto Rico can support a much larger supply of Bitcoin ATMs compared to what it has today, and we look forward to working closely with our new location partners in Puerto Rico to provide Bitcoin to new customers across the island,” he added.

Founded in 2016, Bitcoin Depot provides a convenient method for converting cash into Bitcoin, enabling users to “access the broader digital financial system, including using Bitcoin to make payments, transfers, remittances, online purchases, and investments,” the company stated.

As of Sept. 30, 2023, Bitcoin Depot operated approximately 6,400 kiosk locations throughout the U.S. mainland.