Crypto ATM network worldwide contracted by over 5,700 in 2023
The year 2023 witnessed a significant decrease in the number of crypto ATMs, as more than 5,700 units were discontinued. This decline is unprecedented since these machines were first introduced in October 2013. According to the latest data from Coin ATM Radar, the global count of crypto ATMs has dropped from its peak of 39,350 in December 2022 to approximately 33,620, representing a decline of 14.5% from the previous high.
The deployment and decommissioning of these ATMs throughout the year showed a fluctuating trend. In January 2023, 1,523 ATMs were removed, followed by 210 in February and a significant reduction of 3,555 units in March. There was a brief resurgence in May and June, with nearly 2,500 new installations. However, in July, the highest number of ATM removals occurred, with 4,218 units being decommissioned.
When it comes to market share, 10 operators manage 67% of the global cryptocurrency ATM network. Bitcoin Depot leads with 6,000 ATMs, followed by Coinflip with nearly 4,000, and then Bitstop and Rockitcoin. This consolidation indicates a significant concentration of these services among a few key players in the crypto ATM industry, posing potential challenges for new vendors trying to enter and sustain the market.
As the overall market gradually recovers from the long crypto winter, it will be interesting to see if crypto ATMs also experience steady growth in redeployment and installations this year. However, the current trends suggest that general consumer interest in ATMs for virtual assets may steadily decline.
