According to Coin ATM Radar, the number of ATMs increased by 71% in 2021. At the beginning of January, 13,993 devices were in operation, and on 26 July their number increased to 24,030.
Last year, the number of ATMs installed around the world increased by 119% over the previous year. By
calculations researchers at Coin ATM Radar, about 52 cryptocurrency terminals are installed every day, and since the beginning of 2021, 10,037 new crypto ATMs have already appeared. The United States has taken a leading position – about 48 ATMs appear on average in this country every day.
Cryptocurrency ATMs have become available to residents of 75 countries and are serviced by 42 manufacturers. The market continues to be dominated by Genesis Coin and General Bytes, accounting for 40.9% and 24% of the market, respectively. The remaining 35% of the market is split among other ATM vendors, including BitAccess, Coinsource, Bitstop and others.
Recently, one of the largest cryptocurrency ATM manufacturers, Bitcoin Depot, announced a partnership with Circle K to install devices in the US and Canada. Thanks to the partnership, more than 700 ATMs have already been installed in these countries, with the help of which Americans and Canadians can purchase more than 30 cryptocurrencies, including BTC, ETH and LTC. Several years ago, DigitalMint, an OTC cryptocurrency trading platform, also partnered with Circle K, installing ATMs in the states of Arizona and Nevada.
However, analysts at CipherTrace fear that the rapid growth in the number of ATMs increases the likelihood that criminals could use them to launder money. Many regulators are also concerned about this issue, so they are working with law enforcement agencies to control illegal activities related to cryptomats.
Last year, the German Federal Agency for Financial Supervision (BaFin) confiscated the cryptocurrency terminals of the Polish operator Shitcoins Club due to the lack of a banking and trading license.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
