At a time when the price of bitcoin and other crypto assets are experiencing a massive crash, Auscoin, an Australian Bitcoin ATM operator has reportedly revealed that the cryptocurrency price slump of last year didn't affect its business, as it generated a weekly turnover of AUD 500,000 ($360, 000 USD), according to reports on January 20, 2019.

Per sources close to the development, Auscoin, an Australia-based Bitcoin automated teller machine (ATM) firm with 31 ATMs across the region has revealed it managed to generate a massive $500,000 AUD (roughly $360,000 USD) weekly in 2018, even when the entire cryptocurrency market took a huge dive.

Although the current market situation adversely affected its initial coin offering (ICO) event, as it could not meet its target of $30 million but succeeded in raising a meager $2 million, the firm has reportedly hinted it plans to expand its operations to 1200 locations in Australia shortly.

Commenting on the matter, the founder of Auscoin, reiterated that:

“We currently operate 31 Bitcoin ATMs in Australia…and our turnover is $500,000 a week, which is absolutely a huge sum considering the recent drop in the price of bitcoin. It clearly shows there is a real market for it [Bitcoin] and many hodlers see digital assets as the future of finance.”

Auscoin Contributing to Global Bitcoin Adoption

Per a Coinatmradar report, there are currently a total of 54 Bitcoin ATMs in the whole of Australia.

With Auscoin operating 30 of these innovative machines, it is safe to say the firm is part of the forward-thinking companies championing both the Australian and global cryptocurrency movement.

It’s worthy of note that bitcoin adoption saw a significant increase in 2018, as the market downturn made many to desist from buying the flagship cryptocurrency for merely speculative purposes.

Karagiozis says he firmly believes that the proliferation of Bitcoin ATMs across the globe has made it easier for new hodlers to latch onto the bitcoin bandwagon.

“We believe the most significant barrier to entry for everyday people in the cryptocurrency market is accessibility,”

he added.

While a vast array of countries across the globe are hard at work trying to formulate robust regulations to govern their crypto assets industries, the nascent digital asset class is slowly but steadily going mainstream.

On January 10, 2019, Bitcoin Exchange Guide reported that a vast array of French tobacco shops had started selling bitcoins despite regulatory unclarity.

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