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One of the most distinctive evidences for the further adoption of cryptocurrency as a mainstream medium of exchange is the growing prevalence of cryptocurrency ATMs. Last month we reported that the number of crypto ATMs has already surpassed 3,500, and now a new report indicates that this field keeps on expanding at a rapid pace.
The report, compiled by the B2B research company MarketsandMarkets, shows that more and more people engage in cryptocurrency activity via ATMs – a trend that does not seem to abate anytime soon. The analysis reveals that while in 2017 the crypto ATM market was worth $6.8, in 2018 it is estimated to leap by over 250% to $16.3, and to reach a whopping $144.5 million in 2023. These numbers demonstrate an expeditious compound annual growth rate (CAGR) of 54.7% in the five years between 2018 and 2023. The research explains that the “[g]rowing fund transfers in developing countries and acceptance of cryptocurrency across industries are among the factors providing opportunities for the crypto ATM market.”
There are additional interesting insights in the report that can enlighten on this increasingly broadening area. Whilst currently 1-way crypto ATMs (where you can only either buy or sell in a single machine) dominate the crypto transaction market, 2-way crypto ATMs are expected to grow faster over the next few years because of their multiple functionalities. Display-focused ATMs are predicted to constitute as the lion’s share of the market by 2023 as they offer a friendlier environment and are also cheaper to manufacture. North America and particularly the U.S. are expected to continue to lead the global crypto ATM market over the next five years.
There are other indications that the cryptocurrency ATM industry is growing significantly. According to Coin ATM Radar, there are currently 3,664 crypto ATMs all around the world (in 74 different countries to be exact); this is a climb of over 100 crypto ATMs in less than a month. This data certainly supports the findings of the report by MarketsandMarkets, and further establishes the accelerated proliferation of the crypto ATM market.
But not all the news in this area are good. In Zimbabwe, a very poor African country that struggles with its own conventional currency, the only Bitcoin ATM has apparently been decommissioned after the the Reserve Bank of Zimbabwe has issued a ban on crypto in May. In Russia, the police has confiscated without any warning 22 Bitcoin ATMs of the crypto ATM manufacturer BBFpro in what appears to be a targeted crackdown of the state’s Prosecutor General.
Yet, in spite of the provincial problems in particular regions of the world, the overall direction is pretty clear – crypto ATMs are spreading globally, and spreading speedily.