GDET, known as GD Entertainment and Technology, is an evolving leader in the field of Blockchain, CBD, and Luxury Retail sector. It recently announced that it has established an agreement to install and operate the company’s first cryptocurrency full-service ATM. The organization will unveil additional information when the agreement is executed.
Further, the location of ATM will be in Austin, TX, in a huge retail market place having huge-volume of foot traffic. Moreover, the Company will install a physical ATM and also all the related logistics associated with operating the ATM in that area.
Anil Idnani, CEO of GDET stated that,
We truly love this line of business as a high-probability, high-ROI bet, and the installation of our first full-service crypto ATM is a huge step toward actualizing this extraordinary opportunity. While we cannot fully disclose the identity of the counterparty at this time, we can state that this is an ideal location in terms of foot traffic and cultural context. We have engaged a prominent, local retail solutions provider and a finalized agreement is expected within the coming days.
The Company accepts that the Crypto ATM sector is an undervalued market opportunity with high potential. The latest report from MarketsandMarkets Research Private Ltd. reasoned that the crypto ATM market would reach from 6.8 million dollars from 2017 to 144.5 million dollars by 2023, representing 54.7 percent CAGR (Compound Annual Growth Rate).
Besides, GD Entertainment and Technology focuses on high growth industries to satisfy a diverse preference for premium products across the country. Currently, the organization wholesales, manufactures, and markets an assortment of Blockchain and finance service-based items.
Mr. Idnani further remarked that,
This is not only a much bigger market than most people realize, but it’s also much more resilient. It’s extremely rare to have a market opportunity that offers both massive growth potential and low expected volatility of returns. The market for convenient cryptocurrency access and transactability is growing fast, and that’s unlikely to be impacted by macroeconomic factors. Once installed, we expect our first Crypto ATM location to be immediately profitable on an operating basis. We are already working toward establishing our second location.
Moreover, this aggressive development rate is viewed as less susceptible to broad economic factors than most significant business markets because of the countercyclical dimension related to cryptocurrency-based products and services.