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Crypto ATM Industry Faces Setback with Global Decline in Installations

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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