U.S.-based software developer Bullet Blockchain on Tuesday said that it has purchased a network of 40 Bitcoin ATMs located in South Florida. The move comes at a time when the state of Florida has been in a dilemmatic situation with its crypto laws amid a difference between integration and government statements.

Bullet Blockchain acquires Bitcoin ATMs in Florida

Bullet Blockchain has purchased 40 Bitcoin ATMs located in South Florida as the next stage of the company’s planned deployment and branding.  The Nevada headquartered company is still in the process of pursuing licensing programs for operators and manufacturers of these ATMs.

The licensing will include a per-transaction licensing fee, revenue share, or partner programs involving the company’s intellectual property.

“South Florida is an important market and a key component to our overall strategy. We now have a presence in two states, and we are looking to expand rapidly,” said Simon Rubin, Chief Executive Officer of Bullet Blockchain.

Bitcoin ATM is a machine that lets you buy and sell Bitcoin with cash, anonymously, and with relative ease.

Florida state laws pose a puzzling situation for crypto users

The state of Florida has been very antithetical in its crypto-laws. While on one hand, the state has passed laws to help businesses integrate tax-free digital currencies in their business, it has also rejected the Biden government’s proposal to integrate Central Bank Digital Currencies (CBDCs).

The governor of Florida, Ron DeSantis, had formally outlawed the issuing and usage of CBDCs within the state, shocking the federal authorities.

Furthermore, because of the new law, Floridians would also be shielded from the impending introduction of a digital currency that is issued by the Federal Reserve.

Contrary to that, Florida has exempted crypto businesses from money transmission licenses. In addition, the state has launched a pilot program that allows businesses to pay for state fees in cryptocurrency.

With the Florida government’s actions and words being poles apart, Bullet Blockchain might have a hard time navigating its operations in the state.

Bitcoin ATMs surge in the U.S., Florida forms 7% of the country’s Bitcoin ATMs

The use of cryptocurrency ATMs, also known as Bitcoin ATMs, has grown rapidly in recent years. These machines let customers quickly and easily purchase and exchange cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

The total number of Bitcoin ATMs in The U.S. currently stands at 27,846. The number has increased over the years with a massive 177% increase in Bitcoin ATM installation in 2021 and 2022.

Out of these, over 2000 Bitcoin ATMs are present in Florida with the city of Miami, Orlando, and Jacksonville topping the charts.

The post Bullet Blockchain Buys Bitcoin ATMs in Florida Amid State’s Rigid Laws appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am