Over 20 Crypto ATMs were installed daily in March 2022.
Crypto trading market may have seen a slump but the adoption may still be growing.
Crypto ATM proliferation is not slowing down.
According to data from Coin ATM Radar, in March 2022, 685 Crypto ATMs were installed throughout the world.
It comes down to 22 ATMs installed per day during that period.
At the beginning of March, the total number of ATMs was 36,026.
Currently, the number stands at 36,706.
India also has 2 ATMs functioning in the NCR region.
This growth indicates the importance of these machines and how cryptocurrencies are gaining ground around the globe.
United States is the giant of ATM proliferation with over 30,000 of them, accounting for over 87% of the world’s total.
Almost 20,000 ATMs were installed in 2021, more than 50 a day. Consequently, suppliers and investors are optimistic about the long-term prospects of the space despite the flagship digital asset being a fair amount away from its all-time high.
Crypto ATMs also help avoid Know Your Customer (KYC) norms. As a result, regulators are alarmed by their proliferation.
Last month, the Financial Conduct Authority (FCA) warned that any crypto ATMs operating in the country are illegal. It ordered the operators to shut them down.
The overall growth rate of Crypto ATM installations is 14.3 per day.
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Cover Photo Source: Wikimedia