Over 11 thousand crypto ATMs are currently functional across the world

Over 11 thousand crypto ATMs are currently functional across the world

The United States, with 9242 crypto ATMs, currently accounts for about 79.2% of the total number of crypto ATMs in the world

The first-ever Bitcoin (BTC) ATM was launched by a company called Robocoin in a Vancouver coffee shop marking the debut of crypto ATMs in 2013. Bitcoins worth over $10,000 were transacted on the machine, which allowed customers to trade Bitcoin for cash and vice versa, on its first day. Now, seven years later, the world has an estimated number of 11,665 ATMs that enable users to transact Bitcoin and other altcoins for cash, according to data released by CoinATMRadar.

The growing popularity of Bitcoin and other cryptocurrencies over the past year can be noticed by the fact that only 6372 crypto ATM machines were estimated to be functional at the end of 2019. This reflects a remarkable rise of nearly 80% in light of the approaching end of 2020.

CoinATMRadar further reports that the number of crypto ATMs is constantly increasing by an average of 23 machines every day or nearly one new ATM per hour.

Crypto ATMs play an important role in furthering the mass adoption aspirations of cryptocurrency by offering both accessibility and the comfort of transacting cryptocurrency through an already familiar process.

Further, while online exchanges like Coinbase and Gemini have undoubtedly established themselves as popular methods to transact cryptocurrency, ATMs offer a solution to the privacy and transaction time issues faced by such exchanges.

The United States holds the apex position for both — the country with the fastest spread of crypto ATMs and the country to acquire the largest share of crypto ATMs within its territory.

The number of crypto ATMs located in the United States increased from 4,213 ATMs in 2019 to 9242 ATMs in 2020, an increase of more than 50%.

The spread of crypto ATMs in the United States is also increasingly diverse with ATM locations including small shops, shopping centers, transportation hubs and even one in the Tesla Gigafactory.

Canada is ranked second with 880 ATMs, the United Kingdom is third with 268 machines, Hong Kong is fourth with 62 machines and Colombia is the last country on the top five list with 59 machines.

In Africa, South Africa tops the continent’s list with 6 machines, though Nigeria, the largest economy of the continent has shown a growing interest in crypto ATMs over the past year.

At the level of companies, Genesis coin, the San Francisco-based manufacturing company, has been responsible for spreading 4000 crypto ATMs around the world, closely followed by General Bytes with 3442 ATMs.

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