March 2023 Records Largest Monthly Decline in Crypto ATMs

March 2023 Records Largest Monthly Decline in Crypto ATMs

Crypto News :

The number of crypto ATMs dedicated to fiat-crypto conversions is declining, despite the growing adoption of Bitcoin and other cryptocurrencies.

In March 2023, 3,627 crypto ATMs were removed from the network, resulting in the largest monthly decline in the history of crypto ATMs. The total number of ATMs now stands at 33,727, according to data from Coin ATM Radar.

This reversal of the trend of steadily increasing crypto ATMs is significant, especially when compared to the highest number of installations in a single month, which was 2,048 in January 2021.

However, there is some good news as April has broken the downtrend with 37 new crypto ATM installations on the first day of the month. Currently, General Bytes, BitAccess, and Genesis Coin are leading the market in manufacturing crypto ATMs.

In March, General Bytes suffered a “security incident” that led to the loss of customer funds from hot wallets.

However, the company has promised to reimburse the losses. Despite this setback, the market for crypto ATMs is expected to continue growing as more people adopt cryptocurrencies for payments and investments.

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