412 Bitcoin ATM machines went off the grid in 2023

SNEAK PEEK

• There’s been a drastic decrease in Crypto ATMs in the first two months of 2023. 
• The total crypto ATMs installed globally in January and February have reduced by 412 machines. 
• After September 2022, this year has seen a brand new low in crypto ATM installations.

Since 2014, total cryptocurrency ATMs have maintained a stable increasing course alongside meeting the needs of millions of users on a global level in terms of crypto-fiat conversions. During the time period of December 2020 till January 2022, 1,000 plus Bitcoin and cryptocurrency ATMs were installed per month. Though the growth was affected by the bear market.

The overall crypto ATMs were reduced in September 2022 for the first time. However, a new decrease has been recorded in 2023 for two consecutive months.

The worldwide crypto ATM network decreased by 289 machines in January this year which reduced further by 123 machines in February. The current reduction was previously related to loss of revenues, geopolitical tensions and an elongated bear market. However, service providers are looking for affordable options for operations.

Bitcoin Depot, a crypto ATM provider,  recently converted its 7,000 real machines into BitAccess software. This helped with decreased operational costs in terms of software licensing fees, which has an annual cost of $3 million.

Mastercard has collaborated with Binance for the release of a card for crypto-based payments in Latin America.

Olá, Brasil! 🇧🇷#Binance Card has just launched in Brazil – another step towards crypto adoption 🤝 pic.twitter.com/UJRmpMhpbQ

— Binance (@binance) January 30, 2023

Binance Brazil’s general manager Guilherme Nazar said that payments are the major and most common use of crypto though there’s a lot of space remaining as far as its expansion is concerned.

At the time of launch, the card provided cash back of up to 8% in crypto on verified purchases along with zero fees on certain ATM withdrawals.