Crypto ATMs record increase after 4-month lull

• After a global trend of crypto ATMs declining, May witnessed a steep increase.
• Nearly 1,400 ATMs got installed during the month of May.

After a trend of declining crypto ATMs across the globe, May witnessed a steep surge as nearly 1,400 ATMs got installed during last month.

Major economies like as the United States contributed to the declining numbers during the first four months of 2023. Contrastingly, Australia, Poland, and Spain installed ATMs.

As per Coin ATM Radar’s data, the overall number of crypto ATMs decreased by 5,850 between January and April 2023. The month of March 2023 recorded the biggest monthly decline, as 3,627 crypto ATMs were removed from the network.

Source: Coin ATM Radar

However, in May, 1,397 machines were added back to the global crypto ATM network.

Australia deployed 233 ATMs in 2023 itself, propelling it to the third-largest crypto ATM hub in the world. Despite a year-on-year decline, the United States remained the market leader, accounting for 84.7% of crypto ATMs globally, followed by Canada at 7.6%.

What spurred crypto ATMs?

Geopolitical tension, crypto market instability, and a lack of regulatory certainty contributed to 2023’s negative trend regarding cryptos. Another factor was the increased usage of digital wallets and internet platforms.

The leading global manufacturers of crypto ATMs are General Bytes, BitAccess, and Genesis Coin. In March, there was a security breach in General Bytes, leading to a loss in both customer wallets and funds. The group has promised to repay the loss in its statement

“We have taken immediate steps to prevent further unauthorized access to our systems and are working tirelessly to protect our customers.”

The rise in crypto ATM installations in May suggested a potential shift in market trend, reflecting growing interest and adoption of cryptocurrency across the world. However, there is still a distinct lack of accessibility, making the digital asset out of reach for average users.