Cash Cloud, a Bitcoin ATM Operator Adds to Crypto’s String of Bankruptcies

• Cash Cloud, the company that runs Coin Cloud digital currency ATMs in Brazil and the United States, has filed for Chapter 11 bankruptcy.
• A Bitcoin ATM is a physical Bitcoin exchange where customers can buy and sell Bitcoin.

Cash Cloud Files for Chapter 11 Bankruptcy

Cash Cloud, the parent company of Coin Cloud digital currency ATMs, has filed for Chapter 11 bankruptcy. The company has liabilities of between $50 million and $500 million, and an estimated 10,000 creditors.

Cash Cloud operates more than 4,000 Bitcoin ATMs across the United States and Brazil. The company’s largest creditor is Genesis Global Capital, a division of the now-defunct Digital Currency Group (DCG). Genesis offered Cash Cloud an unsecured loan of around $116.4 million.

The company’s filing for Chapter 11 bankruptcy is the latest sign of trouble in the cryptocurrency industry. The market for cryptocurrencies has been volatile in recent months, and the value of Bitcoin has fallen by more than 50% since its peak in November 2021.

Chapter 11 bankruptcy is a form of bankruptcy that allows companies to reorganize their debts and assets. Cash Cloud’s filing for Chapter 11 bankruptcy does not mean that the company is going out of business. However, it does mean that the company will need to restructure its debt and operations in order to emerge from bankruptcy as a financially viable entity.

The market for Bitcoin ATMs has also been declining in recent months. The number of Bitcoin ATMs in operation has fallen by more than 20% since its peak in January 2022. This decline is likely due to the overall decline in the value of Bitcoin and the cryptocurrency market.

The filing for Chapter 11 bankruptcy by Cash Cloud is a sign of the challenges facing the cryptocurrency industry. However, it is important to note that the company is not the only cryptocurrency company that has filed for bankruptcy in recent months. Other companies that have filed for bankruptcy include Three Arrows Capital and Celsius Network.

The future of the cryptocurrency industry is uncertain. However, the filing for Chapter 11 bankruptcy by Cash Cloud is a sign that the industry is facing some challenges. It remains to be seen whether the industry will be able to overcome these challenges and continue to grow in the future.

Market Outlook

The world’s largest cryptocurrency, Bitcoin, is seeing a decrease of 2.01% in the last 24 hours. This takes the market cap to 438.18 billion USD. Each BTC token is trading for 22,736 USD. The trading volume is also seeing a drop to $29,457,065,055. The dominance of Bitcoin decreases by 0.25% and is at 41.21% on the last day.