Crypto ATMs — one of the key infrastructure pillars for mass cryptocurrency adoption — have seen a drastic decline this year. In the first two months of 2023, net cryptocurrency ATMs installed worldwide were reduced by 412 machines.
Since 2014, the total number of crypto ATMs has steadily increased while providing seamless crypto to fiat conversions for millions of users worldwide. For over a year, between December 2020 and January 2022, more than 1000 crypto and bitcoin (BTC) ATMs were installed every month. However, the bear market had an immediate impact on its growth.
Net Crypto ATM installations worldwide. Source: Coin ATM Radar
September 2022 was the first time in history that the total number of crypto ATMs saw a net decrease. However, 2023 marked a new low by recording a two consecutive month decline in overall crypto ATM installations.
In January 2023, the global crypto-ATM network removed 289 machines, which were further reduced by 123 machines in February – a total of 412 machines. While the ongoing decline was initially only due to geopolitical tensions, falling sales and an ongoing bear market, service providers have been trying cheaper alternatives for operations.
Recently, crypto ATM provider Bitcoin Depot migrated its 7,000 physical machines to BitAccess software. The move helped reduce operational costs associated with software license fees, which cost $3 million annually.
Do you have an ATM near you and don’t know how to use it? Check out Cointelegraph’s Beginner’s Guide to learn all about Bitcoin ATMs.
Related: The UK-native stablecoin integrates with 18,000 ATMs nationwide
At the other end of the spectrum, payments giant MasterCard has partnered with Binance to launch a crypto payments card in Latin America.
In a press release provided to Cointelegraph, Binance Brazil General Manager Guilherme Nazar stated:
“Payments are one of the first and most obvious use cases for crypto, but adoption still has a lot of room to grow.”
Additionally, at the time of launch, the card offered up to 8% cashback in crypto on eligible purchases and zero fees on some ATM withdrawals.
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