Despite bearish conditions in the overall crypto market, the installation of new cryptocurrency ATMs is steadily growing.
According to data and statistics gathered by Coin ATM Radar, the installation of new ATMs worldwide has surpassed the 4,000 mark and continues to surge upwards.
In fact, the number of new crypto ATM’s being installed worldwide is currently at a growth rate of 4.9 new ATMs each day, according to Coin ATM Radar’s gauge scale. As seen in the scale below, the number of new crypto ATMs per day is tipping into the highest speed class despite the current bearish state of the market.
Further statistics by Coin ATM Radar reveal that out of a total of 4,167 crypto ATMs worldwide, a whopping 71.8% of these ATMs are located in North America— 56% of which are in the United States and 15% in Canada.
As for Europe, they hold 23% of the world’s crypto ATMs and Asia just 2.6%.
As for the remaining crypto ATMs, they’re in Oceania with 1.3%, South America with 1.2%, and Africa with just 0.2% of crypto ATMs.
Further breaking down these statistics, the data shows that within Asia, Hong Kong accounts for the majority of crypto ATMs, 0.8% of the crypto ATMs across the entire region.
In Europe, Austria accounts for the majority of crypto ATMs with 6.4,% and the United Kingdom in second with 4.8% of the world’s total ATM supply.
Other than the worldwide geographic data displayed above, a more focused look at crypto ATM data from within the United States shows that from January 1, 2018, to today, 1,259 new ATMs were installed in just over a year.
This brings the total number of crypto ATMs in the United States to 2,475.
The vast majority of the 4,167 crypto ATMs worldwide support Bitcoin (BTC), 4,162 to be exact or 99.9%. Out of all of the crypto ATMs, 64.6% of them support one or more altcoins.
The most widely supported altcoin is Litecoin (LTC) at 59.5% support, Ethereum (ETH) at 49.3% support, Bitcoin Cash (BCH) at 33.9% support, Dash (DASH) at 17.9% support, and Monero (XMR), Dogecoin (DOGE), and ZCash (ZEC) at 3% or less support.
While the data compiled by Coin ATM Radar is extensive and complete, the statistics aggregator website has no data for crypto ATMs in India. The reason for this is unstated, but we can speculate it’s due to India’s harsher regulations regarding cryptocurrencies.
For instance, as reported by CoinTelegraph last November, the developers of India’s first Bitcoin ATMs were arrested in the city of Bangalore due to the labeling of “ATM” on their Bitcoin ATMs. In India, this is a crime because according to their law, a Bitcoin ATM is a device that allows crypto users to circumvent banking channels, it’s not an “ATM.”
It’s evident that crypto ATMs are increasingly becoming popular and helping to increase cryptocurrency adoption. It will be interesting to see how the growth of crypto ATMs continues as we eventually pull out of this bear market and turn bullish.
Have you ever used a crypto ATM? Do you have a crypto ATM in your city? Let us know in the comment section below.
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