The global ATM crypto boom is still ongoing
The sector is growing very rapidly: about one new machine is installed every hour
In 2013 the world witnessed the debut of the first ever Bitcoin ATM: a company called Robocoin placed a machine in a café in Vancouver. Allowing customers to buy Bitcoin with cash and vice versa, around $10,000 was exchanged for BTC on the first day alone.
Now that one month is left until the end of 2020, according to CoinATMRadar there are 11,665 crypto ATMs worldwide that allow customers to buy and sell Bitcoin and other digital currencies using cash. This figure implies a significant increase in the number of crypto ATMs compared to last year: at the end of 2019 there were an estimated 6372 machines; during 2020 there was an increase of almost 80%.
Data collected by the same company also show One Bitcoin a Day that the number of crypto ATMs is constantly increasing, with an average of 23 devices installed every day, or almost one per hour.
The United States has the fastest growing number of crypto ATMs in the world: they increased from 4,213 in 2019 to 9,242 in 2020. The United States currently accounts for around 79.2% of the total number of machines of this type worldwide.
There is also a growing diversity in the spread of crypto ATMs in America: they are installed in small shops, shopping malls, transport hubs and there is even one in the Tesla Gigafactory.
In second place we find Canada with 880 ATMs, the UK in third place with 268, Hong Kong in fourth place with 62 and finally, in fifth place with 59, Colombia, a country that has recently shown great interest in this sector.
As far as Africa is concerned, South Africa is currently the continent’s leading country with 6 ATMs, but things could change as Nigeria, the continent’s largest economy, has shown growing interest over the past year.
As for the companies that produce crypto ATMs, Genesis Coin ranked first in the world with 4000 machines installed, followed by General Bytes with 3442.
The significant increase in the number of crypto ATMs in 2020 demonstrates the growing interest in the asset class from both retail buyers and financial institutions: just see the announcement by the financial giant Paypal.
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