On the 29th of October, 2013, Bobocoin started the initial publicly available automatic teller machine (ATM) for Bitcoin in a coffee shop based in Vancouver, Canada. That crypto ATM witnessed nearly 348 transfers and transactions of up to $100,000 during its earliest week of activity.
The Number of Crypto ATMs Rises after the Launch of the 1st in 2013
As of the 30th of October this year, nearly after nine years, Robocoin has closed its activities and the earliest crypto ATM has potentially been replaced or removed. However, the number of such ATMs has been consistently elevating. At present, approximately 38,804 ATMs are operating, as per the data provided by Coin ATM Radar.
Crypto ATMs’ worldwide hub has since shifted nonetheless, and the US is currently responsible for around 88% of the crypto ATMs’ supply across the globe. In addition to this, the credit of having nearly ninety percent of the entirety of the latest installed ATMs also goes to the country for some of the previous months. Just in the present month alone, up to 129 of the exclusively launched ATMs had locations in the U.S. out of almost 205.
Canada, also known as the 1st crypto ATM’s home, has just witnessed that the respective number has turned 566 during 9 years however it still occupies the 2nd position contributing 6.6% of the overall ATMs, in line with the data from Coin ATM Radar. In the meantime, Spain became the 3rd-biggest hub of crypto ATMs on the 22nd of October with a share of 0.6% proportion of the crypto ATMs.
A report was published by Research and Markets which anticipated that the space of crypto ATMs presently has a value of up to $46.4M. As per the prediction, it will advance by ten times to reach the figure of approximately $472M by 2027, due to the remittances as well as the amplified installations of crypto ATMs.
Bear Market Decreases Crypto ATMs Worldwide in September 2022
Nevertheless, like several products dealing with crypto, the installations of crypto ATMs have been deterred in 2022 as a consequence of the bear market of crypto. The installations of crypto ATMs have shown a gradual decline from January to May this year in advance of a minor recovery that took place from June to August. The next month saw a drop in crypto ATMs around the world as 459 were eliminated.
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