Crypto ATMs have experienced a massive 70% annual increase (over 10,000) over the past year globally. This highlights the growing demand for Bitcoin & cryptocurrencies throughout the US and around the world.
With more and more people moving towards cryptocurrency, the installation of crypto ATMs is increasing globally.
Today, there are over 24,500 crypto ATMs installed globally, according to coinatmradar.com, which tracks the industry around the world. The United States has been a leader in this field, which recorded a yearly increase of over 177% to now house 16,835 ATMs.
WHAT IS CRYPTO ATM?
A crypto ATM is a physical device that allows people to buy cryptocurrencies with cash and their debit or credit card. Some also allow the sale of cryptocurrencies for cash, providing both an on-ramp and an off-ramp.
Last year’s global count of ATMs was only 13,993 ATMs, so more than 10,000 crypto ATMs have been installed in the past year alone.
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According to Coin ATM Radar’s latest data, crypto ATMs have been increasing to a new high at over 24k, which is increasing at a pace of 52.3 ATMs installed every day across the world. The report also said that the US is a leader by installing close to 48 crypto ATMs, every day.
Over the last several years, Bitcoin and other cryptocurrencies have shown massive growth. Since the first crypto ATM was deployed, the industry has grown to house over 600 operators that install crypto ATMs worldwide.
The President & CEO of Bitcoin Depot, one of the world’s largest cryptocurrency ATM networks based out of Atlanta, Georgia, Brandon Mintz said that crypto ATMs are only going to increase in demand as consumers from all walks of life look to invest and use crypto in their daily lives to make payments, send remittances and more.
Crypto ATMs offer consumers the opportunity to exchange cash for their cryptocurrencies, allowing for quick and simple transactions that give users immediate access to this new ecosystem.
Currently, one can access crypto ATMs in 75 nations worldwide, which are produced by over 42 producers.
Genesis Coin, Biggest Manufacturers of Crypto ATMs
Coin ATM Radar’s report also said Genesis Coin is the biggest manufacturer of crypto ATMs with over 40.9% market share, followed by General Bytes which holds around 24% of the market. The remaining 35% of the market is shared among other players, including BitAccess, Coinsource, and Bitstop.
Recently, one of the largest holders of the Bitcoin (BTC) ATM network, Bitcoin Depot has announced a partnership with Circle K to install crypto ATMs across the US. and Canada. Under this partnership, over 700 Bitcoin ATMs have already been installed at the retail chain throughout the US.
Bitcoin Depot operates over 3,500 crypto ATMs allowing users in the U.S. and Canada to purchase over 30 types of cryptocurrencies, including Bitcoin, Ether (ETH), Litecoin (LTC), and more.
CoinFlip CEO Daniel Polotsky said that ATMs have proven to be one of the most convenient and fastest ways to transfer gold and cash into Bitcoin or other cryptocurrencies.
Due to its dense and growing crypto atm network, the US scored 7.3 out of 10 in the Crypto Head ranking. However, when compared to traditional ATMs with over 470,000 ATMs in the US, the numbers are still minimal.
The massive increase of over 10,000 new crypto ATMs over the past year alone, a 70% increase from the year prior, highlights the growing demand for Bitcoin and cryptocurrencies throughout the US and around the world.
A development that will only accelerate over the coming months and years as crypto adoption becomes more mainstream, and retail investors are looking for a simple and quick way to convert their fiat into crypto as a hedge against inflation.