Cryptocurrency ATM network Bitcoin Depot recently announced that it has hit a new milestone of 500 crypto ATMs. It is claiming to be the largest blockchain ATM network across the globe.
Adding 500 ATMs
On Thursday, the company announced that it is now operating over 500 crypto ATMs in the US alone, which makes it the world’s largest crypto ATM network. The Atlanta headquartered company runs more than 100 ATMs in its home city alone. It has marked its presence in 30 US states in the last four years.
Bitcoin Depot CEO Brandon Mintz commented on the growing network and said,
“The expansion of Bitcoin ATMs increases acceptance and use of bitcoin for financial transactions and makes everyday transactions easier for everyone.”
In a statement, the company said that it aims to provide underbanked communities across the US access to digital finance. It opened 200 ATMs in the last quarter alone and plans to cross the 1,000 ATM network mark by the end of 2020.
Becoming the largest network
With its latest string of expansions, Bitcoin Depot has left its closest competition Coin Flip behind. Coin ATM Radar data suggests that it is there are 4,562 ATMs in the US alone as on February 7, 2020. In June 2019, the number of Bitcoin ATMs around the globe crossed the 5,000 mark. The latest records show that there are at least 6,714 Bitcoin ATMs in the world today and more are being added every week.
The speed of crypto ATM network growth is exponential since 2013 when the first of these ATMs opened in Vancouver, Canada. Interestingly, the number has increased at a much higher pace since 2018 when crypto mania came to a screeching halt and most cryptocurrencies nosedived.
Tax authorities are also growing increasingly concerned about crypto ATMs. The US Internal Revenue Service (IRS) also believes that several ATMs do not follow adequate know your customer (KYC) and anti-money laundering (AML) regulations. Last year, authorities in Spain also unearthed a money-laundering operation using Bitcoin ATMs.