Australia ranks third for crypto ATM installations

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Altcoins
Australia ranks third for crypto ATM installations

Per recent updates, Australia now ranks third in crypto installations worldwide, having 234 cryptocurrency ATMs. After installing 16 new machines this first month of the year, the nation only tails the United States and Canada. 

Australia crypto ATM installation 

Australia slipped into third place in crypto ATM installation having 234 machines, as reported by Coinatmradar. Australia initially deployed 99 cryptocurrency ATMs within the last three months of last year. Australia trails behind the U.S. and Canada, which hold 94.4% and 86.9% of all crypto ATM machines, respectively. 

The update comes after the nation jumped into the fourth spot late last year and outshined other states, such as Spain, which has 222 crypto ATMs. At the beginning of January 2023, Coolangatta was among the regions these crypto ATMs were installed in Australia.

However, these ATMs work faster and save time as compared to traditional crypto ATMs. This significance comes from its L2 Lightning solution, that makes them unique in providing digital services. Other features include the ability to purchase small amounts of bitcoin

Global crypto ATM installation

In that quarter of last year, an average of 602 crypto operators installed over 38,609 crypto ATMs spread across 78 countries worldwide. Australia was in fourth position and installed the highest number of ATMs within the past six months, raising its status to third place.

Regardless of cryptocurrencies being the future of Fintech, a lack of blockchain technology knowledge limits the growth of the crypto market. Also, high transaction fees restrict market growth. 

However, the global crypto ATM market size registers a compound annual growth rate of 61% from last year, expected to reach $5.4 billion by 2030.

There has been an increase in crypto ATM installations placed in hospitals, restaurants, and other places. Walmart also partnered with Coinstar and installed bitcoin ATMs in over 200 regions across the U.S. 

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Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.