Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that as of April 6th, 2021, the total number of cryptocurrency ATMs (automated teller machines) globally stood at 17,827.
Based on the daily installation rate, projections suggest that at least 1.6 cryptocurrency ATMs are installed every hour or at least 38.4 ATMs per day.
The growth means that as of June 2021, the number of crypto ATMs globally is expected to exceed 20,000. This will represent a growth of 12.27% from the April 6th figure.
The ATMs are expected to surpass 18,000 by April 13, 2021. As of May 2021, the ATMs are projected to be over 19,000.
Demand for digital assets to spur ATM growth
The report highlights some of the drivers that will spur the growth of cryptocurrency ATMs. According to the research report; “The increasing role of cryptocurrencies as forms of payment also plays a crucial role in the projected ATM’s growth.
Cryptocurrencies power contactless payments that continue to gain prominence amid the coronavirus pandemic. This lays the ground for setting up ATMs, with many entities and businesses increasingly allowing cryptocurrency payment. The ability to support payments will possibly contribute to diversification in areas of installing ATMs with convenience stores and even coffee shops having several machines.”
With the crypto ATMs projected to grow, several factors might hamper the progress. The regulatory uncertainty, lack of awareness, and technical understanding of cryptocurrencies might restrict crypto ATMs’ growth.
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