Crypto ATM Industry Faces Setback with Global Decline in Installations
The adoption of Bitcoin (BTC) is on the rise globally, but physical ATMs that facilitate fiat-crypto conversions are declining.
Coin ATM Radar data reveals that in March 2023, 3,627 crypto ATMs were removed from the network, reducing the total ATMs to 33,727.
This is a departure from the trend of steadily increasing total crypto ATMs worldwide since the launch of the first Bitcoin ATM in 2013.
In fact, there has been a net decline in crypto ATM installations for four months between September 2022 and March 2023. The decline seems significant, especially considering the highest number of ATMs installed in a month was 2,048 in January 2021.
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However, April 1 saw increased crypto ATM installations, breaking the three-month-long downtrend. Currently, General Bytes, BitAccess, and Genesis Coin are the leading manufacturers of crypto ATMs.
General Bytes recently experienced a “security incident” in which its customers’ hot wallets were accessed, resulting in the loss of customer funds.
The company has pledged to reimburse the affected customers and has taken steps to prevent unauthorized access to its systems.