5,000 Cryptocurrency ATMs Are Now Installed Globally

The cryptocurrency ATMs are not something familiar with Indians, but the amount of such machines continues to increase all over the world.

It has reached the milestone of 5,000 in the last couple of weeks. The number of cryptocurrency ATMs was 4,858 on June 1 - but the recent number is clocking at 5,011 worldwide in late June, as per CoinATMradar.com.

Most of the growth is thanks to General Bytes – the manufacturer of cryptocurrency ATM. Since the beginning of June, the company has installed 69 machines and 24 online BTMs. Meanwhile, 11 and 13 cryptocurrency ATMs were added by Bitaccess and Lamassu, respectively.

The US still keeps its leading position with more than 60% of the global cryptocurrency ATMs. Canada takes second place with a proportion of 12.4%. It means that North America accounts for more than 70% of total cryptocurrency ATMs. As for other regions, Europe has 22% of the global cryptocurrency ATMs, and there is only 2% in Asia.

Coin ATM Radar started tracking Bitcoin ATMs and cryptocurrency in 2013, and first went online on November 1. It is estimated that 6.3 new machines are installed each day, according to the BATM tracking website. If this rate maintains, there will be 10,000 machines on the market in 800 days. A variety of promises of installing Bitcoin ATMs around the world have been made over time. However, they are not always done as planned.

Odyssey Group – a US-based manufacturer of Bitcoin ATM promised to have 150 machines installed in Argentina before early this year and hundreds of more machines before the end of 2019.

Hard Fork’s investigation pointed out Odyssey Group’s intention had not been completed as its plans. It currently installs 10 BATMs in this country, said Coin ATM Radar. In addition, when the BATMs number grows, it is likely to put them under further scrutiny. In order to prevent money laundering, a ban on the devices was proposed by the Vancouver mayor in this city.