If you’ve read any of our other content, you may have seen us mention public keys and private keys when talking about Bitcoin and crypto wallets. These terms are common in the blockchain world, but not everyone knows what they are or how they’re different.

The role of private and public keys centers on managing communication between a sender and a receiver. When it comes to the blockchain, a unique cryptographic key is used for encryption and decryption, which is important when you send and receive Bitcoin from your crypto wallet.

So join us as we explore the differences and similarities between public and private keys and their functions in the blockchain market.

Public Key vs Private Key picture

Public Keys

Let’s start with public keys. What are they, and how do they work? Public keys are used to encrypt data on the blockchain. While advanced users can create public keys through specific software, they are usually provided by a reliable source - something like a Bitcoin wallet.

Public keys are used to authenticate a signature or encrypt messages. However, the way they’re used with blockchain technology is significantly different from the way private keys are used. While private keys typically work as a single decrypting component, public keys have two functions: encrypting and decrypting data.

How do public keys work?

These keys use what’s referred to as an asymmetric mechanism. This is an algorithmic mechanism that allows for two different public keys to encrypt and decrypt messages. One key encrypts the message, while the private key is used to decrypt.

Private Keys

You might hear private keys referred to as secret keys, but they’re the same thing. A private key is used to decrypt data sent between two users, but only the correct private key has permission to do so. Think of a private key as a password that consists of numbers and letters.

Usually, when you create your Bitcoin wallet, a random private key is created, establishing a sequence that’s not easy to guess or hack. Private keys are very long, which makes it very difficult for an outside attacker to access the data the keys are protecting.

How do private keys work?

We’ve established that private keys play a huge part in keeping data secured. However, there’s more to a private key than encryption. The purpose of a private key largely depends on the application in which it’s used.

Private keys offer digital signature confirmation, verification, and authorization. To do so, private keys use encryption to create random key pairs. These pairs secure private keys online in the cloud or in an offline app.

Next, the private keys watch for public keys within the application that match the digital signatures. When this process is finished, the public keys use the private key to decrypt the information. However, keep in mind that only the owner of the private key can decrypt the data with the aid of the public key.

Why Use Private Keys for Encryption?

There are plenty of advantages to using private keys to encrypt data. Here are a few reasons to use a Bitcoin wallet that employs private keys:

Sending and receiving data

Private keys are perfect for sending and receiving data because they work so well with the existing blockchain technology. Because of this complementary relationship, private keys are ideal for sending and receiving data in a safe, secure, fast, and convenient method.

Enhanced security

Using private keys provides additional features and services that enhance the security of data transactions. This is one of the key reasons private keys are so appealing to encryption.

Convenient and quick

One last reason to use private keys is the convenience and speed it offers encrypted transactions. Using private keys is significantly quicker than other encryption methods.

Differences Between Public Keys and Private Keys

Both public and private keys are instrumental in providing encryption for Bitcoin wallets. However, the pair differ in several different ways. Both play significant roles in regard to blockchain technology, but understanding the difference between them is important.

Primary purpose

A considerable difference between private keys and public keys is their primary functions. For example, is ideal when it comes to system speed, scalability, and security. On the other hand, public keys are great for load testing. The two work best together on the blockchain, though, as one requires the other to send and receive encrypted transactions.

Mechanism application

The mechanisms public keys and private keys use are also different. Private keys are needed to both encrypt and decrypt information. That means it’s shared between the receiver and the sender of the transaction. By comparison, the public key is only used to encrypt data. It needs a private key to decrypt the transaction.

Speed

When it comes to speed, public keys and private keys are vastly different. A private key is markedly faster than its public key counterpart.

Security and privacy

The last difference on our list focuses on how private keys and public keys handle privacy and security. Using private keys allows for confidentiality as it is only used to perform transactions between senders and receivers. Unfortunately, the same can’t be said for public keys, as they are available for anyone to view and use.

Keep Your Bitcoin Safe

Now that you have a better idea of public and private keys and how they work, you have an idea of why it’s important to protect your keys. You can do this by using our Bitcoin Depot app, which has a built-in non-custodial wallet. With a non-custodial wallet, you’re in charge of your keys and your funds. 

An important part of your crypto journey is finding a safe and secure place to store your digital assets. One option that’s gaining traction in the crypto market is the non-custodial wallets. But which one is the best one for you?

There are plenty of non-custodial wallets on the market, but some are better than others. Additionally, you may be more comfortable with one type of wallet versus another. So, as the sun sets on 2022, we’re going to look forward to the coming year and tell you the five best non-custodial wallets for 2023.

What is a Non-Custodial Wallet?

There are different types of wallets available in the crypto market, so let’s take a look at what a non-custodial wallet is. A non-custodial wallet gives you control over your crypto. You hold and store the private keys so no one else has access to your digital assets.

Many Bitcoin holders believe that keeping their crypto in a non-custodial wallet means that’s where their Bitcoin is stored. However, that’s not the case. The wallet keeps your private keys, which tell the Bitcoin network how much Bitcoin you own. Any Bitcoin you own resides on the blockchain itself.

How do you know if your wallet is non-custodial? If you were asked to write down or store a 12 to 24-word seed phrase when you were setting your wallet up, then it’s a non-custodial wallet. With a seed phrase, you can recover your wallet if you lose it or need to add your wallet to a new device.

Five Best Non-Custodial Wallets for 2023

Now that you know what a non-custodial is, let’s take a look at some of the more popular options available. 

Bitcoin Depot Wallet - Best non-custodial wallet to use with a Bitcoin ATM

We’re going to be self-serving for a moment and tell you all about the non-custodial wallet built into the Bitcoin Depot mobile app. For starters, our non-custodial wallet is perfect if you visit Bitcoin ATMs on a regular basis. Our app will show you the closest Bitcoin Depot ATM so you can spend more time buying up Bitcoin.

Plus, the Bitcoin Depot app lets you add funds without visiting a Bitcoin ATM. You can use the Bitcoin Depot app to load your wallet, then visit a local retailer like Walgreens or GameStop to have the Bitcoin sent to your non-custodial wallet. Or you can use the app to add Bitcoin via a credit or debit card. 

With the Bitcoin Depot mobile app, you have multiple ways to add Bitcoin to your non-custodial wallet.

Exodus - Best non-custodial wallet for beginners

If you’re new to the world of Bitcoin, Exodus might be the non-custodial wallet for you. This well-known wallet offers a desktop version and a mobile app. It’s known for its easy-to-use platform, long list of supported cryptocurrencies, and fast transaction speeds. Plus, Exodus is known for regularly providing updates to its software, so it remains safe and secure for all users.

The desktop version also includes a built-in exchange, along with other features like staking and an NFT gallery and marketplace. Recently, Exodus added the ability to purchase crypto in-app using fiat currencies like the USD, GBP, EUR, and others. It’s essentially a one-stop shop for all things crypto-unless you want to use cash.

Ledger Nano X - Best non-custodial hardware wallet

Crypto hardware wallets are physical devices that are used to store digital assets. Most of these devices look like USB thumb drives, while others have their own unique designs. The Ledger Nano X falls into the former category and is considered by some to be the best hardware wallet on the market.

The device itself supports more than 1,500 cryptocurrencies and can connect to your PC, Android, or iOS device via Bluetooth. Additionally, the Ledger Nano X offers an intuitive interface, so you can get into your wallet and start using it immediately.

Atomic Wallet - Best non-custodial desktop wallet

Some users prefer not to access their Bitcoin on a mobile device. If that’s you, take a look at what Atomic Wallet has to offer. This non-custodial wallet is ideal for those who have been in the crypto market for a while but no longer consider themselves beginners. For example, Atomic lets users stake some of their digital assets, a feature those new to the industry may not be comfortable using.

Atomic Wallets supports a wide range of cryptocurrencies, plus certain NFTs. The desktop wallet also includes an in-app exchange, but the options aren’t as extensive as what you’ll find with Exodus. However, the wallet is known for its security, as evidenced by the fact that all the private keys it distributes are encrypted.

Trust Wallet - Best non-custodial mobile wallet

Last on our list of best non-custodial wallets is Trust Wallet, which is the ideal wallet if you prefer to take your crypto with you on the go. Trust Wallet has been around since 2017, making a name for itself as a decentralized wallet that supports nearly any legitimate cryptocurrency in the market.

The advantage of using Trust Wallet is that it’s portable, lightweight, and simple. It’s versatile and offers a simple user interface perfect for both novice and experienced crypto users. While there aren’t as many features available with Trust Wallet as you’ll find with other wallets, you can buy, sell, and trade your cryptocurrencies within the app.

Pros and Cons of Non-Custodial Wallets

There are several advantages and disadvantages to using a non-custodial wallet. Here are some points to consider as you decide whether or not you should store your Bitcoin in a non-custodial wallet.

Pros

Cons

Choose Wisely

As you make a decision regarding which wallet to use to store your Bitcoin, you should consider the features of each and select the one that works best for you and your needs. For example, if you’re going to spend time visiting Bitcoin ATMs, then the Bitcoin Depot non-custodial wallet would be an excellent choice. 

No matter which wallet you choose, you can rest easy knowing that they’re safe and secure in a top-of-the-line non-custodial wallet. 

NEW YORK, Jan. 25, 2023 (GLOBE NEWSWIRE) -- GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) (“GSRM”), a special purpose acquisition company, and Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced today that GSRM has filed an amended proxy statement (the “amended proxy statement”) with the U.S. Securities and Exchange Commission (“SEC”) in connection with the special meeting of GSRM stockholders to approve GSRM’s previously announced business combination with Bitcoin Depot. The amended proxy statement includes additional disclosures relating to the business combination.

Bitcoin Depot and GSR II Meteora Acquisition Corp. Business Combination Update

Bitcoin Depot remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp. (NASDAQ: GSRM). Completion of the business combination, which is expected in the first quarter of 2023, is subject to regulatory and stockholder approvals and other customary closing conditions. Assuming no redemptions, the business combination is anticipated to provide Bitcoin Depot with up to $170 million of cash proceeds to its balance sheet, net of debt repayment, proceeds to selling equity holders and expenses.

About Bitcoin Depot

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”

About GSR II Meteora Acquisition Corp.

GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.

Not an Offer

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.

Participants in the Solicitation

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Signs 440 New Retail Locations Across North America, Continuing as Leading U.S. BTM Operator by Market Share  

ATLANTA – Jan. 23, 2023 – Lux Vending, LLC dba Bitcoin Depot Inc. (“Bitcoin Depot”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced multiple partnerships with convenience store brands with locations spanning across several states, including FastLane, Gas Express, High’s, Majors Management and Stinker Stores. These partnerships bolster Bitcoin Depot’s retail footprint across the U.S. and further support Bitcoin Depot’s mission to Bring Crypto to the Masses®. 
 

"We are seeing more retailers understand the potential value of providing their customers access to Bitcoin through Bitcoin Depot ATMs and these partnerships reinforce our value proposition for notable retailers in the U.S.,” said Brandon Mintz, CEO and Founder of Bitcoin Depot.  

Including the partnerships announced today, Bitcoin Depot signed 440 additional retailer locations across North America in the second half of 2022. 

Bitcoin Depot’s products and services provide an intuitive, quick and convenient process for converting cash into Bitcoin, giving users the ability to access the broader, digital financial system, including for purposes of making payments, transfers, remittances, online purchases and investments. 

Bitcoin Depot’s footprint, supported by these new business partnerships, enables users to convert their cash into Bitcoin at approximately 7,000 kiosk locations and via BDCheckout in 48 states and ten Canadian provinces. 

Retail Partner Quotes 

"I was really impressed to learn that Bitcoin Depot had a record Q3 in terms of revenue,” said Harry Sorrow, Regional Manager and Brand Ambassador for Majors Management. “This makes me feel very comfortable that I am working with one of the largest companies in the BTM industry." 

“Bitcoin Depot provided exactly what they said they would provide in their original proposal and kept their word in terms of the locations they were installing in and the timeline to complete the rollout,” said John Phelps Jr, Vice President of Marketing for High’s.  

“One of the great things about Bitcoin Depot is they provide a turnkey operation,” said Billy Colemire, Director of Marketing for Stinker Stores. “I don't have to worry about payment coming through on time or answering customer questions as they provide fantastic customer support to anyone in our stores using the Bitcoin ATM.”  

“I'm very excited to be working with Bitcoin Depot because of the potential impact that their Bitcoin ATMs can have on our business, and look forward to continuing to further our partnership,” said Gas Express CEO Amin Chitalwala. “Every square footage in retail space matters and what they pay for the space their kiosks take up is extremely attractive to us.”  

"At FastLane, our mission statement is: ‘Modern Convenience, Timeless Values.’ The addition of Bitcoin Depot ATMs throughout our Missouri footprint is one way we are delivering our promise of modern convenience; while still providing our customers with the excellent service and the products they expect,” said Brian Baker, Marketing and Merchandising Strategist at FastLane. 

About Bitcoin Depot 

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.” 

About GSR II Meteora Acquisition Corp. 

GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit  www.gsrmet.com

Not an Offer 

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. 

Forward-Looking Statements 

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. 

Additional Information About the Proposed Business Combination and Where to Find It 

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com. 

Participants in the Solicitation 

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. 

Contacts: 

Investors  
Cody Slach, Alex Kovtun  
Gateway Group  
949-574-3860  
GSRM@gatewayir.com 

Media  
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney  
Gateway Group  
949-574-3860  
GSRM@gatewayir.com 

Whether you're new to crypto or you've been in the industry for years, there's always something new to learn. No matter how long you've been around digital currency, there are simply some things you should know.

These are terms that will help you get a better understanding of Bitcoin, the blockchain, and cryptocurrencies as a whole.

What are we waiting for? Let's jump in. Here are our 10 Bitcoin terms you need to know.

Blockchain

To understand Bitcoin, you need to know what a blockchain is. There's a good chance you're heard the term blockchain but don't have a solid understanding of what it is. A blockchain is a distributed ledger in a digital format. These ledgers are composed of transactions made using a specific cryptocurrency.

Transactions are gathered and verified to make up a "block." Upon reaching its capacity, a block is added to the chain, and a new block is formed. A blockchain network like Bitcoin is public, which means anyone who can access it can view all transactions. This is contrary to what many people believe about Bitcoin and anonymity.

As Bitcoin gains more market traction and attention, it becomes easier to trace transactions back to a specific person. This is especially true when using a centralized crypto exchange that requires KYC (Know Your Customer) verification.

Public Ledger

Most blockchains - like the Bitcoin network - have their own public digital ledger. If you want to see what one looks like, here's Bitcoin's. The public ledger is where you can see every transaction that takes place on the blockchain associated with a certain digital asset. However, there are some projects which set themselves apart by creating an anonymous ledger, which gives users privacy when performing transactions.

Know Your Customer (KYC)

KYC - which we touched on previously - is a term used for compliance. Most of the major crypto exchanges require users to go through KYC when creating an account. Know Your Customer refers to performing the necessary background and identity checks used to evaluate the suitability of creating a business relationship with a particular individual.

With the recent failings of larger exchanges within the crypto world, don't be surprised if you start to see this acronym more often. It's a way for financial services companies to verify the identity of their customers.

Anti-Money Laundering (AML)

Anti-Monday Laundering is important because it requires exchanges and other crypto institutions to monitor and keep an eye out for certain transactions to help detect and report suspicious activity, including money laundering. If these transactions occur, the platform is required to report any suspicious activities to the proper authorities.

Mining

Most often, crypto mining is thought of with Bitcoin. However, many digital currencies use mining to secure their crypto network. Mining is the process of validating transactions on the blockchain. This process uses a lot of energy and computing power, as it requires solving complex, encrypted algorithms. The miner who solves the algorithm first earns the awards for that block.

Proof of Work (PoW)

Blockchains use a consensus mechanism to validate blocks. Bitcoin miners are part of the network's Proof of Work consensus process. Miners use computing power to be the first to solve the algorithm. Once the block is solved, the miner who provides their work first gets the rewards.

However, because a lot of computing power is needed with Proof of Work, a lot of energy is consumed in the process, which many within the industry argue is not environmentally friendly.

Wallet

You know what a wallet is, but do you know about crypto wallets? These digital wallets come with wallet addresses that tell others where to send your crypto. They also show that the crypto you own belongs to you.

Crypto wallets are used to store your digital assets. Wallets have public and private keys (which we'll talk about more in a bit), seeds, and addresses, all used to send and receive crypto assets. There are many different types of wallets, including hot wallets, cold wallets, hardware wallets, software wallets, desktop wallets, and paper wallets.

Some wallets, like hardware wallets, require more technical knowledge to use than software wallets, but they're also more secure since they keep your crypto assets offline. Exchange wallets keep your cryptocurrencies online, which means they're at risk of theft if the platform is hacked or compromised.

Private Keys

Your private key is arguably the most important part of your cryptocurrency wallet. This string of letters and numbers is used to protect your funds. If you share your private key with anyone, they could easily steal your crypto. You need your private key to validate transactions when sending or withdrawing crypto.

Public Keys

Along those same lines, your public key is used to buy or receive crypto. This is a public string of numbers and letters used to tell others where to send your digital assets. For example, if you're running a business and customers want to pay with crypto, you could display your public key, so they know where to send payment.

Many merchants will display a QR code so you can quickly scan the address instead of manually typing in a bunch of numbers and letters.

Fiat

Last on our list of Bitcoin terms is fiat. Also known as fiat currency, this type of money consists of two primary features. First, fiat money is government-backed, and second, it's not backed by a commodity like gold or silver.

Since the United States no longer uses the gold standard, US dollars are fiat currency. Their value depends entirely on the collective faith that citizens have in the US government.

Now You Know

Now that you're familiar with all these terms, you need to take your fiat currency and head to the nearest Bitcoin Depot BTM. Once you're there, you can create a wallet and use your private and public keys to get your hands on some Bitcoin, a cryptocurrency that was mined at some point using the Proof of Work consensus mechanism.

You get the point. Take your newfound knowledge and put it to good use. There's a Bitcoin Depot BTM waiting for you just around the corner.

ATLANTA and NEW YORK, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The leadership teams from Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot”), a U.S.-based Bitcoin ATM operator and leading fintech company, and GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) (“GSRM”), a special purpose acquisition company, will host a virtual investor day on Tuesday, January 24, 2023, at 1:00 p.m. Eastern time.

Attendees will have the opportunity to hear from Bitcoin Depot’s leadership team as well as participate in a Q&A session. Please submit your questions ahead of the webcast to GSRM@gatewayir.com.

All are invited to participate in the event by registering here. A replay of the investor day will also be available following the event.

Bitcoin Depot and GSR II Meteora Acquisition Corp. Business Combination Update

Bitcoin Depot remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp. (NASDAQ: GSRM). Completion of the business combination, which is expected in the first quarter of 2023, is subject to regulatory and stockholder approvals and other customary closing conditions. Assuming no redemptions, the business combination is anticipated to provide Bitcoin Depot with up to $170 million of cash proceeds to its balance sheet, net of debt repayment, proceeds to selling equity holders and expenses.

About Bitcoin Depot

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”

About GSR II Meteora Acquisition Corporation

GSR II Meteora Acquisition Corporation (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.

Not an Offer

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.

Participants in the Solicitation

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

ATLANTA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, announced today that it will participate at the 25th Annual Needham Growth Conference being held at The Lotte New York Palace Hotel.

The management team will present on Wednesday, January 11, 2023 at 1:30pm ET. A live webcast and replay of the event will be available here. In addition, management will host one-on-one and small group meetings with institutional investors throughout the day.

To receive additional information or to schedule a one-on-one meeting, please contact your conference representative or Bitcoin Depot’s investor relations team at GSRM@gatewayir.com.

About Bitcoin Depot

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”

About GSR II Meteora Acquisition Corporation

GSR II Meteora Acquisition Corporation (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.

Not an Offer

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.

Participants in the Solicitation

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

NEW YORK, Dec. 01, 2022 (GLOBE NEWSWIRE) -- GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) (“GSRM”), a special purpose acquisition company, and Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced today that GSRM has filed an amended proxy statement (the “amended proxy statement”) with the U.S. Securities and Exchange Commission (“SEC”) in connection with the special meeting of GSRM stockholders to approve GSRM’s previously announced business combination with Bitcoin Depot.

The amended proxy statement includes additional disclosures relating to the business combination along with Bitcoin Depot’s financial results for the third quarter ended September 30, 2022. Revenue for the nine months ended September 30, 2022 increased by 25% year-over-year to $497.2 million.

“Bitcoin Depot’s momentum continued through the third quarter as we delivered record year-to-date revenue growth despite the turmoil in the broader crypto market, reinforcing our mission to safely, securely and efficiently bring crypto to the masses,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We attribute our growth to our differentiated set of products to purchase Bitcoin. We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto. Ultimately, we believe our Bitcoin ATMs will benefit from our users becoming more aware of the importance of self-custody.”        

Bitcoin Depot and GSR II Meteora Acquisition Corp. Business Combination Update

Bitcoin Depot remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp. (NASDAQ: GSRM). Completion of the business combination, which is expected in the first quarter of 2023, is subject to regulatory and stockholder approvals and other customary closing conditions. Upon closing of the business combination, the combined company will be named Bitcoin Depot Inc. and trade on the Nasdaq under the new ticker symbol “BTM.” Assuming no redemptions, the business combination is anticipated to provide Bitcoin Depot with up to $170 million of cash proceeds to its balance sheet, net of debt repayment, proceeds to the Bitcoin Depot founder and expenses.

About Bitcoin Depot

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”

About GSR II Meteora Acquisition Corp.

GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.

Not an Offer

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.

Participants in the Solicitation

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

If we've learned nothing throughout 2022, it's that you need to protect your crypto and keep it as safe as possible. Multiple exchanges have been hacked or gone bankrupt this year. That doesn't mean crypto isn't here for the long haul, but it does mean you need to be diligent about keeping your crypto secured.

How can you beef up protection for your crypto? Keep reading, and we'll tell you what you need to know to secure your crypto.

Move Off Exchanges

Cryptocurrency exchanges store millions of dollars at a time, making them easy targets for hackers. You can avoid these scams by simply moving your money off the exchange. You can do that in a number of ways. You can move your money to a non-custodial wallet, a hardware wallet, or you can convert it to fiat currency.

Withdrawing your crypto requires some sort of wallet software. You can download crypto wallets to your computer or mobile device and transfer your assets there, or you can purchase a hardware wallet, which is a physical cold storage device.

Once you set up your crypto wallet, simply enter the wallet address to send your crypto from the exchange to your external wallet. Now it's safe from any attacker who may be targeting the exchange.

Use Two-Factor Authentication

Two-factor authentication is a lot more common than it used to be, and many people use it to secure nearly everything online, from email accounts and bank accounts to medical records and payment methods. All the more reason you should be doing the same with your crypto accounts.

This is one of the easiest things to set up. Thwart attacks in seconds by making sure you're purchasing your crypto safely. You can set up 2FA when you make your first purchases, meaning you don't have to do it later, and your crypto is instantly safer.

You can also set up 2FA for digital wallets and hardware wallets, so you don't have to leave your crypto on an exchange to use this security measure.

Use an Authenticator App

If you set up 2FA, using an authenticator app like Google Authenticator will keep your crypto even more secure. The great thing about authenticator apps like this one is that they don't use SMS to send any codes. So even if the hacker transfers your phone service to themselves, they won't have access to your crypto assets.

Back-Up Your Private Keys

So you've downloaded the wallet software or purchased a hardware wallet, and you're working on setting it up. For many beginners, being confronted with private keys or long key phrases is confusing. When they tell you to back up your private keys or seed phrases, they aren't making a suggestion. You should do it.

It can be time-consuming but don't skip this step. It's critical for the safety of your crypto. Store your private keys on a physical piece of paper that you cannot lose and put it where it cannot be destroyed, like a waterproof, fireproof safe or a safety deposit box. You can even write it down in multiple places and keep them hidden separately.

Don't screenshot it, either. If anyone ever had access to your PC, all they would have to do is retrieve the file with your private keys in it, and they would have access to everything. While there will be a copy of your keywords in a key vault file, this file is encrypted, so you don't have to enter your keywords every time you make a transaction.

By storing these private keys elsewhere, even if your computer crashes or your cloud storage gets wiped, you'll still have access to them to recover your wallet. Making the mistake of not backing up your private key means you will lose all of your assets the second you lose your private keys.

Use Strong Passwords

Anyone who has been using computers for a while understands the importance of having a strong password. It's even more important for your crypto wallets. If an attacker gains access to your computer, they shouldn't be able to recover your password, as long as it's a good one.

The longer your password is, the harder it will be to crack. Use a combination of lowercase and uppercase letters, numbers, and symbols. These could take several years to crack, making them practically impossible to hack without spending millions of dollars.

Change it Up

Okay, so you already use strong passwords. Great! But you should be using a completely different password for your crypto wallet. You can't just use the same password for your crypto wallet that you use for your online accounts. If there's a website breach and someone gets ahold of your password, it may lead them to your device.

It's bad enough to have a website password compromised, but when it leads to your own wallet, you'll feel pretty unlucky. Your digital wallet password must be unique.

Avoid Public WiFi

Don't try to access your crypto using public WiFi networks. It's too easy to intercept internet traffic on shared networks, meaning that attackers can see what you're doing, making you a tempting target if you're conducting transactions on crypto exchanges.

In addition to avoiding these public networks, investing in a VPN service is a great way to hide your VPN and keep your online activity private.

Frequently Asked Questions

Should I keep all my crypto in one wallet?

There are a number of benefits and risks associated with keeping all of your crypto in one place. It's a convenient option. It can save you time and transaction fees, not to mention making it easier to track your portfolio.

However, security practices would say you shouldn't do it this way because if you do get hacked, all of your crypto is gone in a matter of seconds. In addition, if you forget your private key or password, you can't recover anything.

Should I keep my crypto on an exchange or in a crypto wallet?

Keeping your crypto on a hardware wallet or a non-custodial wallet is much safer than keeping it on a crypto exchange account. There's nothing wrong with performing cryptocurrency transactions connected to the internet, but when it comes to cryptocurrency storage, it's much better to store your cryptocurrency safely away from an exchange.

Can lost crypto be recovered?

If you lose access to your online wallets, you can simply unlock them using your seed phrase, so long as you store it in a safe location. A seed phrase is a group of 12 or 24 words the user receives during setup. These words need to be entered in a specific order to recover your wallet and the funds within. The same goes for cold hardware wallets. If you've forgotten your password, you can use the seed phrase to gain access to your device.

However, if you physically lose your cold hardware wallet, it's impossible to recover the crypto on it unless you find the device. This isn't the case with wallet software. You can't physically lose them, but you can lose access completely if you don't store your password, private keys, or seed phrases correctly.

What happens to my crypto wallet if I lose my phone?

Your crypto isn't stored on your mobile device itself. All crypto transactions are recorded on the blockchain. So, even if you lose your phone, you can still recover the crypto in your wallet by entering your password or the recovery seed phrase.

We've Got You Covered

One of the best ways you can keep your Bitcoin safe is to use a non-custodial wallet. The great news is, Bitcoin Depot offers one! It's built right into our app, available on both the iOS and Android app stores. When you use a non-custodial wallet, your funds belong to you. You're in complete control of them, so they can't be held hostage, liquidated, or moved by someone else.

Head over to the Bitcoin Depot app to learn more!

ATLANTA, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, announced today its participation at the following financial conferences:

Oppenheimer Blockchain & Digital Assets Summit: Web 3.0 and the Creator Economy
Attending: Thursday, November 17th
Where: Virtual
Webcast: Link

UBS Global TMT Conference
Attending: Wednesday, December 7th
Where: New York, New York

D.A. Davidson FinTech and Payments Spotlight Conference
Attending: Thursday, December 8th
Where: New York, New York

To receive additional information or to schedule a one-on-one meeting, please contact your conference representative or Bitcoin Depot’s investor relations team at GSRM@gatewayir.com

About Bitcoin Depot

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations. Learn more at www.bitcoindepot.com.

On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp. (“GSRM”), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in Bitcoin Depot becoming a public company listed on the Nasdaq under the ticker symbol “BTM.”

About GSR II Meteora Acquisition Corporation

GSR II Meteora Acquisition Corporation (NASDAQ: GSRM) is blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our management team is led by co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti and CFO Joseph Tonnos. The company was formed in partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments. For additional information, please visit www.gsrmet.com.

Not an Offer

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Bitcoin Depot’s and GSRM’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bitcoin Depot and GSRM. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of GSRM or Bitcoin Depot is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Bitcoin Depot; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Bitcoin Depot’s ability to manage future growth; Bitcoin Depot’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Bitcoin Depot’s future business; the amount of redemption requests made by GSRM’s public shareholders; the ability of GSRM or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in GSRM’s final initial public offering prospectus dated February 24, 2022 and its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors,” and other documents of GSRM filed, or to be filed, from time to time with the U.S. Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Bitcoin Depot nor GSRM presently know or that Bitcoin Depot and GSRM currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bitcoin Depot’s and GSRM’s expectations, plans or forecasts of future events and views as of the date of this press release. Bitcoin Depot and GSRM anticipate that subsequent events and developments will cause Bitcoin Depot’s and GSRM’s assessments to change. However, while Bitcoin Depot and GSRM may elect to update these forward-looking statements at some point in the future, Bitcoin Depot and GSRM specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing Bitcoin Depot’s and GSRM’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of GSRM for their consideration. Copies of the proxy statement (a preliminary filing of which has been made with the SEC) will be mailed (if and when available) to all GSRM shareholders once definitive. GSRM also plans to file other documents with the SEC regarding the proposed business combination. GSRM will mail copies of the definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. GSRM’s shareholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, as well as all other relevant materials filed or that will be filed with the SEC, in connection with GSRM’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about GSRM, Bitcoin Depot and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement and, once available, the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by GSRM, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach or Alex Kovtun, (949) 574-3860, GSRM@gatewayir.com.

Participants in the Solicitation

GSRM, Bitcoin Depot and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from GSRM’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation GSRM’s shareholders in connection with the proposed business combination is set forth in the preliminary proxy statement that has been filed with the SEC. You can find more information about GSRM’s directors and executive officers in GSRM’s final initial public offering prospectus dated February 24, 2022 and filed with the SEC on February 28, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group 
949-574-3860 
GSRM@gatewayir.com