Crypto ATMs or Digital Currency Kiosks (DCKs) are commonly found in areas like the U.S., Canada, and the UK. While other countries are still struggling to nail down cryptocurrency regulations, these three countries are leading the crypto-economy. A great example of this is the exponential growth of Bitcoin Depot, the largest and fastest-growing multi-cryptocurrency ATM network that is Bringing Crypto to the Masses™.
Since 2015, the number of crypto ATMs or crypto ATMs has increased. As of June 2021, the crypto industry reported more than 22,000 crypto ATMs across the world. Bitcoin Depot, the largest of these networks, operates more than 4,000 of them across North America with more on the way.
Brandon Mintz, Founder, President, and CEO of Bitcoin Depot, explains the trends of crypto ATMs and the bright future for his company, which has more than tripled its ATM count in the last year. Bitcoin Depot is projected to install close to 6,000 crypto ATMs by the end of 2021, and we are rooting for this progress, as these machines and cryptocurrency as a whole are here to stay and change the way we participate in financial services.
What are Crypto ATMs?
Crypto ATMs are just like cash ATMs, except they enable you to buy cryptocurrency. Bitcoin Depot offers a cash-to-crypto service, which means that you can get your cryptocurrency in return for cash at a physical location, which eliminates the need for online transactions. “Our crypto ATMs process the entire transaction in two minutes. This makes the act of purchasing digital assets faster than ever,” Mintz says.
Crypto ATMs have become a part of crypto users’ daily lives, saving them from the tedious effort and delayed process of making an online purchase. This is especially true in the United States, which held 83% of the global crypto ATMs concentrated in North America in 2020. As a result of the growing demand for quick and convenient crypto transactions and the company’s exponential increase in the number of crypto ATMs installed last year, Atlanta-based Bitcoin Depot expanded its team by 130%.
What Does The Future Hold?
The number of crypto ATMs is anticipated to continue rising as cryptocurrency becomes more widely accepted worldwide. “We are aiming to install up to 6,000 crypto ATMs by the end of this year, while advocating for the continued growth of the crypto-economy,” shares Mintz.
Industry experts are expecting more banks to join the digital economy soon by opening a new chapter of acceptance for digital currencies as a standard form of payment.
Since crypto ATMs have some significant advantages over traditional forms of payment methods, they are expected to bring about a positive contribution in the growth of cryptocurrency. “If we look at the figures, there has been an astounding growth in the installation by approximately 700% percent since 2016,” adds Mintz as he shares the plans for his company. According to a report, it is predicted that by 2023 that the crypto ATM market will be worth $144.5 million.
Find Your Nearest Crypto ATM
As Bitcoin Depot continues to thrive, the company is introducing more accessible locations for people in North America. Over the last few months, Bitcoin Depot added thousands of new crypto ATMs throughout the US and Canada where users can instantly and securely buy Bitcoin, Litecoin, and Ethereum using cash. All you need to do is use this crypto ATM locator before heading out and visit the nearest one to complete your purchase!