LONDON–More than 10,500 Crypto ATMs were installed during the first seven months of 2021, which represents a 55% increase over the full year 2020, according to a new report.
The ATMs allow consumers to transfer physical cash into Bitcoin or other cryptocurrencies. The data was released by BlockArabia.com.
Crypto ATMs, also known as Bitcoin ATMs or BTMs, enables users with quick access to cryptocurrencies like Bitcoin, Ethereum or Dogecoin, according to BlockArabia.com. Developed countries like the United States, Canada, and the United Kingdom hold the biggest number of BTMs, but “they also became very popular in countries whose citizens need a quick exchange of an official currency for a digital asset not regulated by the government,” according to the report.
The organization noted Coin ATM Radar data show that in 2018 more than 2,000 new BTMs had been installed worldwide, with their total number reaching 3,187 in December of that year. Over the next 12 months, the number of crypto ATMs grew by another 2,000, reaching 4,848 in December 2019.
“Last year witnessed an explosive growth of BTMs, as the entire crypto market boomed amid the COVID-19 crisis,” According to BlockArabia.com. “By the end of 2020, the number of ATMs supporting digital coins tripled and hit almost 13,000 globally. However, 2021 showed as the record year for crypto ATMs. Over the last seven months, the number of BTMs grew more than in 2019 and 2020 combined, reaching a total of 23,217” as of the end of July.
Machines by Geography
Analyzed by geography, the United States represents the leading crypto ATM market, with 88% of all Bitcoin ATMs globally, BlockArabia.com reported. The Coin ATM Radar data also revealed the number of BTMs operating in the United States jumped by almost 50% in the last three months, and stood at 20,500 at the end of July.
Canada was the second-largest BTM market globally with 1,610 machines. The third-highest number of Crypto ATMs can be found in the United Kingdom, even though the number of machines in the country plunged by 25% since September 2020, and stood at 194 as of July 30.
Statistics also show Genesis Coin still tops the list of largest crypto ATM manufacturers, with a 40% market share and 6,376 BTMs operating worldwide as of last week, according to the report.