Almost 5 Crypto ATMs Installed Everyday: Coin ATM Radar

Jan 11, 2019 at 12:15 Update Date :Jan 11, 2019 at 12:15 UTC

According to recent research conducted by crypto industry statistics aggregator, Coin ATM Radar, the number of crypto ATMs has crossed the 4,000 mark. Despite the bear market, 4.9 new crypto Automated Teller Machines (ATMs) are installed everyday. According to the Coin ATM Radar’s gauge scale, it is tipping into the highest speed class.

Also Read: Nine South Korean Drug Dealers Used DarkCoin to Sell Narcotics On The Dark Web

Currently, there are a total of 4167 crypto ATMs available worldwide. Nearly 71.8% of crypto ATMs are located in North America (56% in the United States and 15% in Canada), 23% in Europe, 2.6% in Asia, 1.3% in Oceania, 1.1% in South America, and .2% in Africa.

According to data, in January last year total crypto ATMs in the United States were 1,216 and now the number has reached to 2,475. In just a year, 1,259 new crypto ATMs are installed. California has the highest number of ATMs with a total of 473 ATMs and Illinois is on the second number with 250 ATMs. In Asia, Hong Kong has most of the crypto ATMs which is 0.8% while in Europe, Austria has 6.4% ATMs followed by the United Kingdom, 4.8%.

Surprisingly, India, one of the major economies in the world do not have any crypto ATM. Though the first Bitcoin ATM was launched in the country last year but the developers were arrested in November because of the criminal charges. As the Bitcoin ATM was not an ATM but a device which aimed to allow the cryptocurrency users to circumvent banking channels. India’s central bank, the Reserve Bank of India (RBI) has also warned the banks to stop dealing with cryptocurrency related companies.

A majority of crypto ATMs supports Bitcoin – 99.9% or 4,162 ATMs support Bitcoin while 64.6% ATMs support one or more altcoins. If we further break down, 59.5% crypto ATMs support Litecoin (LTC), 49.3% support Ethereum (ETH), 33.9% support Bitcoin Cash (BCH), and 17.9% support Dash. Other cryptocurrencies such as Monero (XMR), ZCash (ZEC), and Dogecoin (DOGE) each are supported by 3% or less.

The Coin ATM Radar report also stated that because of the regulatory difficulties crypto ATM manufacturer Lamassu has relocated its operations to Switzerland. The co-founder of Lamassu, Zach Harvey said that

“Just as we arrived in Switzerland we had a nice chat with a small bank in Canton Aargau and now we have a full account at a bank that is completely aware of our business model and happy to have us on board. In fact, you should expect to see one of our cryptomats in their headquarters early this year.”

Lamassu is the third largest manufacturer of crypto ATMs while Genesis Coin and General Bytes are at the first and second place respectively.

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