Coin Cloud ATM company files for bankruptcy

The company Coin Cloud, operator of cryptocurrency ATMs, announced that it is filing for bankruptcy, according to Chapter 11 of the United States Bankruptcy Law.

Coin Cloud currently operates some 4,000 bitcoin ATMs in this country and in Brazil. However, due to a debt of more than USD 150 million, the company has filed for bankruptcy.

To this debt is added another USD 100 million that the company owes to the crypto lender Genesis Global Holdco

Chirs McAlary, the founder and CEO of Coin Cloud, has stated: “Our team has made drastic cost cuts to respond to market challenges in order to maintain the profitability of the company.”

According to the review in the media, the company and its related parties will continue to operate normally during the bankruptcy process.

M.Pino

Source: morocotacoin

(Reference image source: John Paul Cuvinar, Unsplash)

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