Rise in Crypto ATM Installations in May Signals Positive Trend

Rise in Crypto ATM Installations in May Signals Positive Trend

The installation of crypto ATMs experienced a notable rise in May, with approximately 1,400 machines added globally. This surge came after a continuous decline in the overall number of crypto ATMs during the first four months of 2023.

Coinhub Bitcoin ATMs, a key player in the market, recently announced its ambitious plan to expand its Bitcoin ATM network to all major cities in the United States, aiming to enhance accessibility and quality of service.

The global crypto ATM network witnessed a steady decrease over the initial four months of 2023, with a net reduction of 5,850 machines. However, in May, according to data from Coin ATM Radar, 1,397 new machines were added, indicating a positive reversal.

While major economies such as the United States and Europe contributed to the overall decline, countries like Australia, Poland, and Spain saw an increase in crypto ATM installations in their respective regions.

Crypto ATMs, also known as Bitcoin ATMs, are electronic kiosks that enable users to perform financial transactions involving cryptocurrencies instead of cash. The research firm How Many Bitcoin ATMs estimates that there are approximately 63,000 of these crypto ATMs in the United States. If you have ever considered using one, it’s important to understand how they work.

Although Bitcoin ATMs do not directly contribute to the expansion of the Bitcoin network, they serve as physical gateways for users to exchange fiat currency for cryptocurrencies. In 2023, Australia deployed a total of 233 ATMs, making it the third-largest crypto ATM hub globally.

Coinhub Bitcoin ATMs is emerging as a significant player in the crypto ATM market, driven by its goal to establish a simple and secure platform for users to buy and sell BTC, addressing the increasing demand for easily accessible cryptocurrency services.

The company strategically places its machines in public settings such as convenience stores, petrol stations, and other high-traffic areas. With a widespread distribution, Coinhub Bitcoin ATMs ensure that anyone can readily access the ATMs and conduct Bitcoin transactions, regardless of their proximity to traditional financial institutions.