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- 1 The number of crypto ATMs has declined in the past 12 months; over 3500 went offline.
- 2 The United States has the highest number of functional crypto ATMs in different cities.
- 3 Spain, Poland, Australia, and Canada are witnessing steady increase in the number of crypto ATMs.
In January 2023, the total number of crypto ATMs was 37,827; at press time, the number was 33,638, meaning that 4,189 ATMs have been removed or went out of service in the past 12 months.
It is believed that the 1st crypto ATM was established in October 2013, and since then, installation of crypto ATMs has spiked, but recent data from Coin ATM Radar shows a significant decline in the number of ATMs.
The United States has the highest number of functional crypto ATMs in different cities, and data states that 27,986 ATMs are available for usage. In terms of operators, General Bytes operates the biggest ATMs, with 10,649 identified, followed by Genesis Coin, Bit Access, and others in the list.
Few leading companies operate Bitcoin-to-cash and Cash-to-Bitcoin ATM networks as they handle thousands of machines.Cardcoins, Unbank Wold, Bitnovo Teller, CoinZoom and BullBitcoin others.
Despite global crypto demand, crypto networks faced a significant decline in 2023. However, analysts believe that crypto enthusiasts are switching towards online services rather than rushing to crypto ATMs.
While the decline in ATMs might not imply fear of crypto, centralized exchange usage is growing globally, and Hong Kong is on the verge of becoming a crypto hub.
Only two months in 2023 witnessed ATMs installed: 1,711 and 857 machines, respectively, in May and June. After the spikes observed in May and June, the most significant number of deactivated ATMs, 4,218, was reported in July.
The US, which has historically had more cryptocurrency ATMs than any other nation globally, had the most significant decrease. There, the count decreased from 32,672 to 27,631. Nonetheless, over half of all cryptocurrency ATMs worldwide are still in the US.
Spain, Poland, Australia, and Canada are witnessing a steady increase in numbers.
Moreover, development is anticipated due to installing cryptocurrency ATMs in public areas like airports. Crypto ATMs increase the range of possibilities that clients may choose from.
The global cryptocurrency environment is expanding, enabling people and companies to engage in the worldwide economy without using conventional financial intermediaries.
In June 2023, Callisto Network, a developer of smart contract platforms, and Bitcoinmat, a cryptocurrency ATM startup, joined to increase accessibility to Bitcoin assets.
While some have outright banned it, others have attempted to cut off their ties to the banking and financial institutions required to use and exchange digital currency. Several countries, including China, Russia, Colombia, Algeria, and Egypt, prohibited the use of cryptocurrencies.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
