Wednesday, May 22, 2024

Over 1,000 Crypto ATM Machines Now Active in Australia: Report

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In the aftermath of the recent crypto bull run, Australia has clocked a rise in the number of active cryptocurrency ATM machines. In a recent update, data by Coin ATM Radar showed that the current number of crypto ATM machines in Australia stood at the mark of 1,007. With this, Australia now holds the third largest network of these fiat-to-crypto machines, following the US and Canada that respectively occupy the first and second ranks.

As of Wednesday, April 24, Australia houses 2.7 percent of the global crypto ATM network, datd from Coin ATM Radar showed. Crypto ATM machines allow users to convert their fiat currencies into the cryptocurrency of their choice in real time. Users can purchase crypto assets with their debit and credit cards, as well, and deposit them in their digital wallets immediately.

If Australia’s adoption of crypto ATM machines continues to grow, the country is expected to soon overtake the collective number of crypto ATMs in Europe, which currently stands at the mark of 1,617 — making for 4.3 percent of the global share.

The number of crypto ATMs is seeing a spike after a period of decline. Between 2022 and 2023, the installation of crypto ATM saw a dramatic dip on an international level. As per Coin ATM Radar at the time, only 94 machines were set up in different parts of the world between July 2022 and January 2023.

The main reason behind the drop in the number of new BTC ATMs then was the back-to-back downfalls of promising crypto projects like Terra and the FTX exchange. During the same period, the number of crypto ATMs around the world had reduced from 38,776 machines to 37,980.

In the last four months, however, crypto market valuation rose close to the capitalisation of $3 trillion (roughly Rs. 2,50,00,650 crore). Bitcoin reached an all-new high of over $73,000 (roughly Rs. 60.8 lakh) earlier this year, propelling several other cryptocurrencies up the profit trail.

This bull run for the sector could be considered as a reason behind the rise in the number of crypto ATM machines globally. As of now, the US holds 82.8 percent of global crypto ATMs, making for over 31,000 machines. Canada comes in second, holding 7.7 percent of global crypto ATMs share comprising of over 2,000 machines.


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