Bitcoin Depot unveils ReadyBucks for US gig workers

Bitcoin Depot has launched ReadyBucks, an online business-advance product that expands its fintech offering beyond its crypto ATM network.

ReadyBucks operates as a standalone platform, separate from the company's bitcoin kiosk business. It targets small businesses, gig workers and independent contractors. In its initial rollout, it offers advances of $500 to $2,000 and is available in nine states.

The launch puts Bitcoin Depot in the growing market for alternative working-capital products aimed at people with variable income. Gig work and self-employment have expanded in the US labour market in recent years, alongside demand for short-term funding that does not rely on traditional bank lending.

How ReadyBucks works

ReadyBucks provides revenue-based funding. Customers receive an upfront cash advance and agree to sell a fixed portion of future business revenue, with repayments made over a set term.

Unlike a traditional loan, the product does not require a credit pull as part of the process described. It is positioned for independent earners with fluctuating weekly income, including gig workers, contractors, self-employed individuals and freelancers.

ReadyBucks is pitched as working capital for short-term needs. The initial advances are small-ticket, which may suit operators seeking cash for immediate expenses such as supplies, fuel, equipment or other operating costs. Bitcoin Depot did not disclose pricing, fees or expected repayment amounts.

Expansion plans

Bitcoin Depot plans to evaluate expansion into additional states, but has not provided a timeline or identified the nine states currently covered.

The announcement also cited Statista projections that 86.5 million Americans will be freelancing by 2027, more than half of the US workforce under the same estimates. Bitcoin Depot pointed to the projection as evidence of continued growth in the independent workforce that the product targets.

Fit with core business

Bitcoin Depot is best known for operating bitcoin ATMs and related cash-to-crypto services. It runs kiosks in 47 states and offers a retail cash-to-bitcoin product, BDCheckout, in 31 states. The company has said it operates more than 9,000 kiosk locations globally.

Those operations rely on payment processing, transaction monitoring and compliance processes. Bitcoin Depot said that experience creates operational synergies for launching and scaling a new product line outside crypto kiosks.

ReadyBucks also continues a broader diversification strategy. Bitcoin Depot recently acquired peer-to-peer social betting platform Kutt, describing the deal as its first entry into that market. It has also acquired Instant Coin Bank, a regional crypto kiosk operator.

ReadyBucks adds a non-crypto product line focused on small-dollar financing. It may also reduce reliance on crypto ATM transaction volumes, which can be sensitive to cryptocurrency prices, consumer sentiment and changes in state and federal regulation.

Executive comment

Chief Executive Scott Buchanan linked the product to changes in how people earn income and manage cash flow.

"We have seen a growing need for flexible capital solutions designed specifically for independent earners and small operators. ReadyBucks is structured to provide working capital tailored to the needs of small businesses in the growing 1099 economy," said Buchanan.

He also described the launch as part of a wider effort to broaden the company's business lines.

"By leveraging our strong operational foundation in compliance and payments expertise we've developed through our core kiosk business, we believe ReadyBucks is an important step in continuing to diversify our product offerings and revenue streams," the CEO said.

Bitcoin Depot said it will assess additional state rollouts for ReadyBucks as the platform develops.