Cryptocurrency ATM installations surge globally in 2024

According to Blockbeats, the number of cryptocurrency ATM installations surged to 2,564, potentially surpassing the 2,861 machines installed in 2023. The total number of installed cryptocurrency ATMs has increased to 38,279, nearing the 39,541 record set in December 2022. 

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June saw a slight decline in the number of cryptocurrency automated teller machines (ATMs); however, data shows that 377 new ATMs were installed within the month. According to Coin ATM Radar, more than 2000 new cryptocurrency ATMs were installed in 2024. The total number has spiked to 38,279 in the last twelve months, a 17.8% increase from 2023.

2024 sees increased crypto ATM installations despite the June drop

As of December 2022, there was a significant drop in crypto ATMs, with the global crypto ATM count dropping from 39,541 to 32,471 by July 2023 during the bear market . According to Coin ATM Radar, the number of crypto ATMs has steadily increased over the past 11 months and is currently at 38,279, stipulating 5,808 machines have been installed so far. The rise brings the number of installed ATMs closer to the 39,541 record set in December 2022.

Ben Brockliss, Vice President of Australia and New Zealand at CoinFlip , stated the increased consumer demand for crypto ATMs indicates a market demand in the digital currency economy.

“There has been a notable increase in consumer demand and interest in a simple, secure, and convenient way to buy cryptocurrency,” 

Ben Brockliss

According to data by Coin ATM Radar, as of June 2024, there has been a rise of 2,564 newly installed ATMs in the last six months, a positive shift from the 2,861 drop in 2023. Market observers state that this growth suggests a recoil in the crypto market. 

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Metrics indicate monthly increases in cryptocurrency ATM numbers except for a slight reduction of 115 crypto ATMs between May and June. There was a significant turnaround, with 377 new ATMs installed in June 2024. To beat the 2022 record, approximately 1,262 more crypto ATM installations need to be made.

Cryptocurrency ATM installations is close to a new record 

The top cryptocurrency ATM operators include Coinflip, Athena Bitcoin, and Bitcoin Depot. Coinflip operates 5,057 ATMs, Athena manages 2,756 machines, and Bitcoin Depot oversees 7,543 ATMs.The United States hosts over 80% of the global cryptocurrency ATMs, while Canada holds 7.7%. Data indicates an increased expansion in installations in Australia, with an increase to 1,107 machines in two years. 

Analysts state that Australia could easily surpass Europe’s number of 1,584 ATMs. Spain, Poland, El Salvador, Germany, and Hong Kong are among other countries that have indicated significant growth in ATM installations, with 313, 279, 215, 211, 177 and 169 ATM installations, respectively. Georgia, Austria, and New Zealand recorded over 100 new crypto ATM installations.

Cryptopolitan reporting by Collins J. Okoth