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Crypto ATM installation grows 80% in 2020

2 min read

  • Crypto ATM installations this year grew 80% compared to last year, bringing the total number worldwide to over 11,000.
  • The United States leads the race with 9,242 ATMs.
  • The growth corresponds with a rise in use of cryptos around the world, with Latin America and Africa seeing the fastest growth.

The total number of crypto ATMs surpasses 11,000, growing 80% in 2020.

The number of crypto ATMs installed worldwide jumped 80% this year, with the world now having a total of 11,665 ATMs according to metrics firm, Coin ATM Radar. This represents, on average, 23 ATMs installed every day, three times as many installed during the same period in 2019.

As far as location goes, the United States (US) leads the way with 9242 crypto ATMs, followed by Canada, Europe and the United Kingdom. The whereabouts of these ATMs vary from small shops, shopping centres, transportation hubs and even Tesla’s state of the art Gigafactory.

The prize of leading company in the crypto ATM industry goes to San Fransisco-based startup, Genesis Coin. The startup has deployed over 4,000 ATMs, mostly in the US. Not far behind are General Bytes and BitAccess with 3442 ATMs and 1136 ATMs respectively.

The installation and use of crypto ATMs is an indicator that crypto adoption is growing despite a volatile year for the sector. Especially noteworthy is the growth in crypto use in Latin America and Africa, regions with some of the most volatile economies in the world.

The growth of crypto ATMs in these regions also correspond to the growth in peer-to-peer trading, with trading volumes in Latin America more than tripling since this time last year.

Larger more established payment service providers are definitely taking note. Paypal just announced it will allow its customers, for the first time, to buy and sell cryptocurrencies using its platform, a step that has been a long time coming.

With all this interest, it is only a matter of time before the mainstream use of cryptocurrencies becomes the norm. Crypto ATM providers may have got the timing spot on.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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