Following the recent crypto bull run, Australia has seen an increase in the number of active cryptocurrency ATMs. In a recent update, data from Coin ATM Radar showed that the current number of crypto ATMs in Australia was 1,007. With this, Australia now has the third largest network of such fiat-to-crypto machines, after the US and Canada, which are ranked first and second respectively.
As of Wednesday, April 24, Australia is home to 2.7 percent of the global crypto ATM network, Coin ATM 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 deposit them immediately 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, making 4, 3 percent of the global share.
The number of crypto ATMs is experiencing an increase after a period of decline. Between 2022 and 2023, crypto ATM installation saw a dramatic drop 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 for the drop in the number of new BTC ATMs was the consecutive drop of promising crypto projects like Terra and the FTX exchange. During the same period, the number of crypto ATMs worldwide had decreased from 38,776 machines to 37,980.
In the past four months, however, the crypto market valuation has surged close to the $3 trillion cap (roughly Rs. 2,50,00,650 crore). Bitcoin hit a new high of over $73,000 (roughly Rs. 60.8 lakh) earlier this year, pushing several other cryptocurrencies on the profit trail.
This bull run for the sector could be considered as a reason for the increase in the number of crypto ATMs globally. As of now, the US owns 82.8 percent of the world's crypto ATMs, which is more than 31,000 machines. Canada ranks second, with 7.7% of the global crypto ATM share including over 2,000 machines.
