Cryptocurrency ATMs are considered one of the key infrastructure pillars to facilitate mass adoption. Unfortunately, the number of active devices has plummeted this year. In the first 2 months of 2023, the net number of crypto ATMs installed globally decreased by 412.
Since 2014, the total number of crypto ATMs has maintained a steady upward trend, while providing seamless crypto-to-fiat switching services for millions of users around the world. For over a year, from December 2020 to January 2022, more than 1,000 cryptocurrency and bitcoin ATMs were installed every month. However, the bear market had an immediate impact on its growth.
Installs Order Global Network Encrypted ATM | Source: Coin ATM Radar
In September 2022, the total number of these ATMs will decline for the first time in history. However, 2023 hit a new low, as the total number of machine installations fell for two consecutive months.
In January 2023, the global ATM network eliminated 289 machines, and continued to reduce 123 machines in February. While the initial decline was purely due to geopolitical tensions, lost revenue and bear market stretches, service providers are now trying cheaper alternatives to do the same.
Recently, ATM provider Bitcoin Depot converted 7,000 of its physical machines to BitAccess software. The move lowered operating costs related to software license fees by the equivalent of $3 million per year.
On the other hand, payment giant Mastercard has partnered with Binance, debut Crypto payment cards in Latin America.
In a press release, Binance Brazil general manager Guilherme Nazar said:
“Payments are one of the earliest and most obvious use cases for cryptocurrencies, but adoption still has a lot of room to grow.”
Additionally, at launch, the card offers up to 8% crypto cashback on eligible purchases and no fees on certain ATM withdrawals.
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As reported by Cointelegraph