New data reveals that the number of crypto ATMs grew in 2022 despite a tumultuous year for the digital asset industry.
According to Coin ATM Radar, an ATM tracking app, the amount of Bitcoin (BTC) ATMs have raised by a staggering 506% from January 2020, when there were 6,362 BTC ATMs.
The data shows that there are currently 38,601 Bitcoin ATMs, an increase of around 6,000 machines compared to December last year.
a recent report by market intelligence firm Grand View Research finds that the crypto ATM market could be worth more than $5 billion by 2030. The analytics firm says the rise can be attributed to an increase in retail stores that accept digital assets as payments.
In 2021, the retail giant Walmart unfolded 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 valuable to consumers and a crucial factor driving the growth of the crypto ATM market.
Furthermore, the report finds that the Covid-19 pandemic influenced the growth of the market 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 that the North American market is likely to continue to grow due to the high availability of crypto ATMs and the legalization of digital assets across the region.
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