Crypto ATMs — one of the key infrastructure pillars for the mass adoption of cryptocurrencies — have seen a drastic reduction this year. In the first two months of 2023, the net cryptocurrency ATMs installed globally reduced by 412 machines.

Since 2014, the total number of crypto ATMs maintained a steady upward trajectory while catering to millions of users worldwide for seamless crypto-fiat conversions. For ov a year, between December 2020 to January 2022, more than 1000 crypto and Bitcoin (BTC) ATMs were being installed every month. However, the bear market had an immediate impact on its growth.

In January 2023, the global crypto ATM network shed 289 machines, which got further cut down in February by 123 machines — 412 machines in total. While the ongoing decline was initially purely attributed to geopolitical tensions, revenue losses and a prolonged bear market, service providers have been trying out cheaper alternatives for operations.

(By ARIJIT SARKAR)

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