Global number of crypto ATMs breaks through 39,000

Metrics tracker Coin ATM Radar reports 3,925% jump in crypto ATMs since 2017

BTC                                 
The United States leads the way in crypto ATM installations – Photo: Shutterstock
                                

The number of cryptocurrency ATMs operating around the world has risen above 39,000 for the first time ever.

According to metrics tracker Coin ATM Radar, 614 operators have installed 39,011 crypto ATMs across 77 countries as of last week. 

North America accounts for most crypto ATMs

North America accounts for the vast majority of the crypto ATM industry. With 34,299 machines installed, the United States represents 87.9% of the global market while there are 2,461 crypto ATMs in Canada, accounting for 6.3%. In third place is Europe, accounting for 3.8%. 

Having stood at only 969 at the start of 2017, the global number of cryptocurrency ATMs has risen by 3,925%. 

With 11.3 ATMs currently being installed a day, according to Coin ATM Radar, the global tally will likely surpass 40,000 in less than three months. 

Bitcoin dominates crypto ATM network

As with the cryptocurrency market, Bitcoin dominates the cryptocurrency ATM sector. Coin ATM Radar’s data found that only 13 of all of the 39,011 ATMs monitored did not support the world’s first and largest cryptocurrency. 

Alternative digital assets were supported by 33,056 machines. Litecoin, which is only the 21st largest cryptocurrency by market capitalisation according to CoinMarketCap, was the second-most popular crypto with 32,466 machines supporting it. 

Ethereum, Dogecoin and Bitcoin Cash were supported by 29,324, 16,132 and 13,801 machines, respectively. 

Mixed response from governments to crypto

As with cryptocurrencies more generally, the attitude of governments around the world towards crypto ATMs is mixed. 

El Salvador’s government installed a slew of bitcoin ATMs throughout the nation when it became the first country to adopt the cryptocurrency as legal tender. 

By contrast, the United Kingdom’s Financial Conduct Authority (FCA) warned operators earlier this year to shut down their machines or face enforcement for failure to comply with money laundering regulations.

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