Global Crypto ATM Installations Surge by 17.8% in 2022, Reaching New Peak

The number of crypto ATMs globally increased by 17.8% in the past year, with 2,564 new machines installed, indicating a positive trend after a net loss of 2,861 in 2023. The US dominates the market with over 82% of the world's crypto ATMs, followed by Canada. Australia has seen a significant rise in installations, projecting to surpass Europe. Bitcoin remains the most popular cryptocurrency for transactions.

The global crypto ATM market experienced a significant surge in 2023, marking a positive trend after a net loss the previous year. With the installation of 2,564 new machines, the total number of crypto ATMs globally increased by 17.8% to 36,192 [1]. This growth reversed the decline reported in the first quarter of 2023, reflecting the resilience and adaptability of the crypto market.

The United States remains the leader in this market, accounting for over 82% of the world's crypto ATMs [1]. This dominance can be attributed to the country's well-established financial infrastructure, regulatory frameworks, and the presence of numerous manufacturers and operators. In contrast, countries like Canada and Australia have experienced significant growth in their crypto ATM installations, with Australia projected to surpass Europe [2].

Bitcoin continues to be the most popular cryptocurrency for transactions at crypto ATMs, underscoring its market dominance. Despite the overall market decline in 2023, Bitcoin Depot, a leading player in the crypto ATM space, reported a 3% year-on-year revenue increase in Q3 2023 [1]. This growth indicates continued demand for cryptocurrency ATMs, particularly in specific markets.

While the global growth in crypto ATMs is promising, the industry faces challenges. Regulatory compliance, money laundering, and scams are major concerns, leading to consolidation as larger companies acquire smaller operators [2]. Nevertheless, the convenience offered by crypto ATMs, especially for the underbanked and unbanked, continues to drive their popularity.

References:

[1] Blockchain News. (2024, February 23). Decline in Cryptocurrency ATMs in 2023: A Global Perspective. https://blockchain.news/news/decline-in-cryptocurrency-atms-in-2023-a-global-perspective
[2] Research Nester. (2023, October 25). Global Crypto ATM Market Size, Share, Growth, Trends, and Forecast to 2030. https://www.researchnester.com/reports/crypto-atm-market/5843