Crypto ATMs Top 7,000 Globally As Financial Services Providers Eye BTC Market

News / 09.03.2020
  • CoinATMRadar data reveals that Crypto ATMs are on the increase worldwide
  • This rise in the number of machines could be attributed to rising crypto prices in 2020
  • Additionally, rising interest in crypto and their convenient use for remittances could foster widespread adoption 

Data compiled by CoinATMRadar reveals that there are now 7,057 crypto ATMs worldwide, allowing people to use cash and debit cards to purchase Bitcoin and other digital assets or convert Bitcoin into fiat. 

Of the top five markets, there are currently 5,089 ATMs in the United States, 754 in Canada, 303 in the United Kingdom, 126 in Austria and 84 in Spain.

Andrew Barnard, co-founder and CEO of Bitstop, a BTC operator with over 100 locations in the U.S says the industry is still very young with Bitcoin ATMs only 6 or 7 years old.

In an interview with ATM Marketplace, Barnard stated:

“We’re now at the ATM IA (Industry Association) Conference here, looking to work with some of the largest and best operators in the world. So we’re seeing ATM operators from the traditional ATM industry come into this space who want to own and operate their own Bitcoin ATM.”

According to Barnard, several different types of companies providing financial services are exploring the BTC market. Moreover, various businesses in the U.S and around the world are integrating Bitcoin ATMs into their suite of services.

Surging BTC Prices is Driving Crypto ATM Growth

The New Year started well for cryptocurrencies – the price of BTC rising from below $7, 000 at the beginning of January to around $9,350 at the end of the month. Bitcoin prices continued to climb to more than $10,000 by mid-February. 

Furthermore, other cryptos also enjoyed the Bull Run and amassed market capitalization.

It is no coincidence that an increase in crypto ATMs is coming at the same time as when the increase in BTC prices has brought interest into the crypto space, with more people looking to invest in digital assets.

Crypto ATMs are an accessible way to acquire cryptos for newcomers to the crypto industry. Unlike exchanges, such ATMs allow users access to a physical kiosk where they can trade fiat for popular digital assets such as BTC, eth and LTC. 

In addition to buying and selling crypto, ATMs have become an increasingly popular means for international remittance, allowing users to send cash payments to relatives and friends in other countries. 

The Increase of Crypto ATMs Foster Adoption

CoinATMRadar, in its blog post on February 3, 2020, revealed that over 400 BTC ATMs were launched in January alone. More so, several countries showed high-level adoption for these machines. In the U.S., for instance, there was a 7.7% increase in the number of BTC ATMs in January 2020. 

It may be worth noting that the increase in these machines could trigger a higher demand for Bitcoin and altcoins, thus fostering widespread crypto adoption. 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.