Thursday, May 9, 2024

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Margo’s Bitcoin ATM network has received a $16 million investment from Chicago Atlantic, signaling growing interest in accessible cryptocurrency solutions. Margo’s user-friendly ATMs are widely available in retailers across the US, making digital currency more convenient for everyday consumers. This partnership aims to further expand their reach and innovation in the crypto space.

Chicago Atlantic Injects $16 Million into Margo Bitcoin ATM Network, Fueling Crypto Accessibility

Chicago Atlantic, a prominent investment firm, has made a significant move into the cryptocurrency space by announcing a substantial $16 million senior secured term loan to Margo, a cryptocurrency ATM operator with a mission to simplify and democratize digital currency access. This strategic partnership underscores Chicago Atlantic’s commitment to fostering innovation in high-impact sectors and enabling greater financial literacy in the emerging digital economy.

Margo, formerly known as PowerCoin and recently rebranded in 2023, has quickly become a prominent player in the cryptocurrency ATM landscape. Founded in 2019, the company offers a user-friendly experience for individuals looking to convert cash into cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), NFTs, or other tokens through their nationwide network of Bitcoin ATMs.

What sets Margo apart is its widespread presence in well-known retailers such as Royal Farms, H-E-B, Yesway, United Natural Foods Inc. (UNFI), and Ace Cash Express, making it incredibly convenient for everyday consumers to engage with digital currencies. Additionally, Margo operates a Private Client Desk, where both individuals and institutions can trade substantial sums of cryptocurrency daily, ranging from $3,000 to $1 million.

Chicago Atlantic’s decision to invest in Margo highlights the growing significance of the cryptocurrency industry and its potential to reshape the financial landscape. Tony Cappell, Founding Partner of Chicago Atlantic, emphasized the alignment of values between the two companies, stating, “Margo is redefining the way consumers interact with digital currency, shaping the future of financial literacy by making cryptocurrency more accessible. We couldn’t think of a company better aligned with our people-first values and our drive to push innovation forward in categories of highest need. It’s an honor to partner with Margo as they expand their reach.”

This partnership is expected to provide Margo with the financial resources needed to further expand its cryptocurrency ATM network and solidify its position as a leader in the field. As cryptocurrencies continue to gain mainstream acceptance, the demand for user-friendly and accessible onramps to the digital asset world is increasing. Margo’s innovative approach and Chicago Atlantic’s financial support aim to address this growing need.

Austin Haller, CEO of Margo, expressed his optimism about the collaboration, stating, “Chicago Atlantic brought detailed solutions to the table designed to scale our business with the utmost care and confidence. Their experience in our cutting-edge industry will help propel our long-term objectives, and we look forward to empowering secure digital currency investments for years to come.”

Read Also: El Salvador Bitcoin ATM Network Gets Lightning Network

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