New data reveals that at least one crypto ATM is installed hourly and the total of global machines is expected to reach 20k in two months.
Growth of Crypto ATMs
Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that as of April 6, 2021, the total number of cryptocurrency ATMs globally stood at 17,827. Based on the daily installation rate, projections suggest that at least 1.6 cryptocurrency ATMs are installed every hour or at least 38.4 ATMs per day.
It is expected that by June 2021, the number of crypto ATMs globally is expected to exceed 20,000. This represents a growth of 12.27% from the April 6 figure. The projected increase in digital asset ATMs reflects the increasing maturity of the digital currency market that aims for mainstream adoption. As more investors come on board, cryptocurrency ATMs act as crucial gateways into the crypto space for beginners.
The ATMs are expected to surpass 18,000 by April 13, 2021. As of May 2021, the ATMs are projected to be over 19,000.
Demand for digital assets to spur ATM growth
Drivers for this growth include the high-profile investors that are entering the crypto market. In 2021 specifically, the cryptocurrency sector has skyrocketed. Institutions like Tesla, PayPal, and Mastercard are making advances in the industry by either investing in bitcoin or allowing digital assets processing through their platforms.
It is predicted that this form of payment will become increasingly mainstream as a form of payment. As such, ATMs will keep enabling new users to enter the cryptocurrency space. Cryptocurrencies power contactless payments, especially in a post-pahndemic world where contactless is the new normal. Consequently, we will begin to see high street shops cafes and restaurants all start to use crypto ATMs over the following year.
The report highlights some of the drivers that will spur the growth of cryptocurrency ATMs. According to the research report:
“The increasing role of cryptocurrencies as forms of payment also plays a crucial role in the projected ATM’s growth. Cryptocurrencies power contactless payments that continue to gain prominence amid the coronavirus pandemic. This lays the ground for setting up ATMs, with many entities and businesses increasingly allowing cryptocurrency payment. The ability to support payments will possibly contribute to diversification in areas of installing ATMs with convenience stores and even coffee shops having several machines.”
With the crypto ATMs projected to grow, several factors might hamper the progress. The regulatory uncertainty, lack of awareness, and technical understanding of cryptocurrencies might restrict crypto ATMs’ growth.