New data reveals that the number of crypto ATMs grew in 2022 despite a tumultuous year for the digital assets industry.
According to Coin ATM Radar, an ATM-tracking app, the number of Bitcoin (BTC) ATMs has increased by a staggering 506% since January 2020, when there were 6,362 BTC ATMs.
The data shows there are currently 38,601 Bitcoin ATMs, an increase of about 6,000 machines compared to December of last year.
A recent report by market intelligence firm Grand View Research finds that the crypto ATM market could be worth over $5 billion by 2030. The analytics firm says the rise can be attributed to an increase in retail stores accepting digital assets as payments.
In 2021, retail giant Walmart rolled out its Bitcoin ATM pilot program, installing 200 ATMs in Walmart stores across the United States.
The research also finds that the ability of ATMs to liquidate virtual currencies and instantly convert them into fiat dollars is of value to consumers and a crucial factor driving the growth of the crypto ATM market.
Furthermore, the report finds the Covid-19 pandemic had a hand in the market’s growth as customer demand for advanced crypto ATMs grew.
The report also reveals that North America dominated the regional market last year. Grand View Research says the North American market will likely continue to grow due to the high availability of crypto ATMs and the legalization of digital assets across the region.
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