- The report from the world’s largest crypto store mentions that the overall utilization of crypto ATMs is increasing in different sectors.
- According to the Coin ATM Radar, there are a total of 38420 crypto ATMs including 235433 other services in 67 countries.
- The Financial Conduct Authority of the United Kingdom managed and directed checks over various properties established in East London.
A research report has been released by Research and Markets which mentions that the worth of the crypto ATM market over the world was estimated at $87.35 million in the last year. Now, market analysts have anticipated that it may touch around $2.58 billion by 2032. The reason for this is said to be the growing adoption of Bitcoin (BTC).
The overall market growth is also driven by the surging acknowledgment of the crypto world as well as its tokens. Market analysts have also quoted that the regulators are imposing some beneficial rules to make promotions of cryptocurrency adoption.
Crypto ATM usage increasing over the world
According to the Coin ATM Radar, there are a total of 38420 crypto ATMs including 235433 other services in 67 countries having 39 producers and 364 operators. Most of the crypto ATM market is acquired by Bitcoin, followed by Bitcoin and Altcoins.
The report from the world’s largest crypto store also mentions that the overall utilization of crypto ATMs is increasing over sectors such as retail, travel, and many more. Apart from this, financial services are included in different malls, convenience stores as well as gas stations.
Crypto ATMs are installed in the above-mentioned space to offer users simplified and swifter ways to buy crypto. In that same queue of this trend, a crypto ATM provider from the United States, CoinFlip has spread its wings to Mexico. This expansion is just a chunk of its global growth strategy.
Apart from Mexico, the company operates in Australia, New Zealand, South Africa, Italy, Panama, Brazil and the United States. Among all these countries, the United States holds the biggest market. At the same time, some countries are still afraid of the increase in crypto ATMs as they may be afraid of digitalization and the data being digitally available everywhere.
Scam associated with Crypto ATM
Towards the end of 2023, the Financial Conduct Authority of the United Kingdom managed and directed checks over various properties established in East London. The step was taken down as the properties were alleged to function as illegal crypto ATMs.
After a year, the resident from London was charged by the same authority for operating many crypto ATMs in London. A total of $3.4 million transactions were noted by those crypto ATMs in between two years starting from December 2021 to September 2023.
