The monthly number of crypto ATMs that were freshly deployed worldwide has decreased for the sixth time in a row.
2021 was the strongest year for Crypto ATMs
Data provided by Coin ATM Radar shows that the number of crypto ATM installations steadily increased throughout the first half of 2021 and reached a plateau between August and December. August also saw the highest net increase in crypto ATMs worldwide, with over 2,000 new machines installed.
At the time of writing, Coin ATM Radar lists over 37,000 crypto ATMs and over 300,000 other services that can potentially be used to convert crypto into cash and vice versa. The leading manufacturer of crypto ATMs is Genesis Coin with a market share of 41.5, followed by General Bytes (21.6%), and BitAccess (15.2%).
While practically all crypto ATMs accept Bitcoin, the vast majority also support at least one altcoin, most prominently Litecoin (30,777) and Ether (28,173), followed by Dogecoin (14,882), Bitcoin Cash (10,998), Tether (7,442), Dash (6,106), and Zcash (5,360). Occasionally, one can see crypto ATMs that support Monero (1,645) or Ripple (377). Despite providing much lower transaction fees, Bitcoin on the Lightning Network is only supported by 62 machines.
Is the US market saturated?
The trajectory of crypto ATM installations is closely correlated to installations in the United States. The US is by far the leading country, which alone makes up for 88% of the crypto ATMs worldwide.
While the market in the US shows signs of becoming mature, ATM operators might direct their attention to countries with a lot of growth potential next. Outside of the US, the leading countries are Canada (2,443 locations), Spain (229), Poland (184), Hong Kong (150), Switzerland (148), Austria (139), and Romania (129).
After Bitcoin became legal tender in El Salvador, the government pushed to install Bitcoin ATMs that support the central bank’s Chivo wallet. Coin ATM Radar lists 204 such locations.
This article was originally published on cryptocoin.news