The owner of the second-largest network of crypto machines filed for bankruptcy

The owner of the second-largest network of crypto machines filed for bankruptcy

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Author: Robert Strickland
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The owner of the second-largest network of crypto machines filed for bankruptcy
Las Vegas-based Coin Cloud, which operates a network of nearly 5,000 bitcoin ATMs, owes its creditors several hundred million dollars

Coin Cloud, which owns the network of crypto machines, filed for bankruptcy in the District Court of Nevada (USA). The company said in documents that it has obligations to several thousand creditors ranging from $100 million to $500 million, and its assets range from $50 million to $100 million.

Coin Cloud is a Las Vegas-based company that operates a network of bitcoin ATMs in the United States and Brazil. The network's devices, which support about 40 cryptocurrencies including bitcoin, Ethereum (ETH), Dogecoin (DOGE) and Shina Inu (SHIB), can both purchase digital coins and withdraw cash from a digital wallet.

According to Coin ATM Radar, Coin Cloud is the second largest cryptocurrency operator in the world. It operates 4,800 devices, representing 12.6 percent of the market. In first place is Bitcoin Depot, which owns 6,600 cryptomats. The total number of installed cryptocurrency ATMs in the world has already exceeded 38.3 thousand, 582 operators serve them in 81 countries.

The ATM operator owes Genesis more than $108 million.

The crypto network operator was already consulting with lawyers at the time to restructure its $125 million debt.

 

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