Over 1,000 Crypto ATMs Now Active in Australia: Report

In the aftermath of the recent cryptocurrency bull run, Australia has seen an increase in the number of assets cryptocurrency ATM. In a recent update, data from Coin ATM Radar showed that the current number of crypto ATMs in Australia stands at 1,007. With this, Australia now holds the third largest network of these fiat-to-crypto machines, after the United States and Canada which occupy first and second place respectively.

As of Wednesday 24 April, Australia is home to 2.7% of the global crypto ATM network ATM coin radar showed. Crypto ATMs allow users to convert their fiat currencies into the cryptocurrency of their choice in real time. Users can also purchase crypto assets with their debit and credit cards and immediately deposit them into their digital wallets.

If Australia’s adoption of crypto ATMs continues to grow, the country is expected to soon surpass the collective number of crypto ATMs in Europe, which currently stands at 1,617, accounting for 4.3% 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 ATMs saw a dramatic decline internationally. According to Coin ATM Radar at the time, only 94 machines were installed in different parts of the world between July 2022 and January 2023.

The main reason behind the decline in the number of new BTC ATMs was the subsequent failure of promising crypto projects such as Earth and the FTX Exchange. Over the same period, the number of crypto ATMs worldwide shrank from 38,776 to 37,980.

Over the past four months, however, the cryptocurrency market’s valuation has risen close to the $3 trillion (around Rs. 2,50,00,650 crore) capitalization. Bitcoin hit a new high of over $73,000 (around Rs 60.8 lakh) earlier this year, pushing many more cryptocurrencies in the wake of profit.

This bull run for the industry could be considered one of the reasons for the increase in the number of crypto ATMs globally. To date, the United States holds 82.8% of global crypto ATMs, totaling over 31,000 ATMs. Canada comes in second place, with 7.7% of the global crypto ATM share, consisting of more than 2,000 machines.

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