Leading Bitcoin ATM Network Now Has 1,000 Machines

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Tue, 11/17/2020 - 16:04
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Alex Dovbnya
ATM network Bitcoin Depot has surpassed 1,000 machines worldwide
Leading Bitcoin ATM Network Now Has 1,000 Machines
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Atlanta-headquartered cryptocurrency ATM network, Bitcoin Depot, has reached a major milestone by installing over 1,000 automated teller machines around the globe, according to its Nov. 17 press release.

The company has also been on a hiring spree, increasing the number of its employees by over 100 percent.

Bitcoin Depot CEO Brandon Mintz hopes that cryptocurrencies will become more accessible because of his company's expansion:

With 1,000 BTMs, Bitcoin Depot is one of the largest networks in the world. Our goal is to ensure cryptocurrency becomes more easily accessible to the average person through continued expansion.

More than 12,000 crypto ATMs worldwide

Data provided by CoinATMRadar shows that there are currently 12,013 crypto kiosks in 70 countries.

The U.S. is absolutely dominating this market with over 10,000 machines that are scattered around all 50 states.

Bitcoin Depot is the second-largest cryptocurrency ATM network in the world, after only Chicago-based Coin Flip.

Top Crypto ATMs
Image by coinatmradar.com

Back in February, when it passed 500 machines, it was actually the number one ATM operator in the world.

Related How to Start a Bitcoin ATM Business: Is It Profitable?
Related
How to Start a Bitcoin ATM Business: Is It Profitable?

A boon for laundering money

Despite their steady growth, Bitcoin ATMs are often criticized for allegedly being a front for money laundering. In July, the U.S. Department of Justice (DOJ) confiscated 17 unlicensed crypto ATMs that were operating as the Herocoin network. The machines had exchanged over $25 mln while charging exorbitant fees of up to 25 percent.

They are also a lucrative target for criminals. As reported by U.Today, a pickup truck attempted to ram through the building of a Deli shop last month to loot cash from a Bitcoin ATM.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.