Daily Surge: 6 New Digital Asset ATMs Installed in 2024! What's Driving This Growth?

Summary:

6% increase in digital asset ATMs globally in 2023, with 2,217 new installations.
U.S. leads with nearly 1,100 new ATMs, totaling 31,505 machines.
$1.5 trillion added to digital asset market cap in 2024, driven by a memecoin rally.
Regulatory concerns rise as scammers exploit ATMs, with $111 million lost to scams in 2023.

Digital Asset ATM Growth in 2024

In an exciting development for the digital asset market, over $1.5 trillion was added to its market cap in 2024. This surge was significantly fueled by the memecoin rally, where even the wildest projects like Fartcoin and CumRocket generated substantial revenue. A recent report by Finbold highlights that the digital asset ATM sector emerged as a big winner amidst this growth.

Installation Statistics

In 2023, there were 2,217 digital asset ATMs installed globally, marking a 6.02% year-on-year increase. This translates to an impressive rate of over six new ATMs installed daily as the sector thrives in the ongoing bull market, attracting millions of new customers.

U.S. Dominance

The United States continues to dominate the digital asset ATM landscape, contributing nearly 1,100 new machines last year. This brought the total number of ATMs in the U.S. to 31,505, accounting for a staggering 81.3% of the global total of 38,768.

Digital Asset ATMs Source: Finbold

Controversies and Concerns

Despite their popularity, digital asset ATMs have sparked controversy. Advocates argue they promote financial inclusion and are user-friendly, even for beginners. However, their privacy features have also attracted criminals, who exploit these machines for scams and money laundering.

Regulatory Warnings

Regulators are increasingly concerned about the rampant growth of digital asset ATMs. Recently, the Delaware Attorney General's Office issued a warning about scammers using these machines to defraud victims. In 2023, Americans reportedly lost $111 million to scams involving ATMs, with many incidents going unreported. Scammers often create a false sense of urgency, convincing victims to withdraw cash and deposit it into Bitcoin ATMs under the guise of promising investments.

European Growth

Interestingly, Europe has shown consistent growth in ATM numbers, even during the so-called “crypto winter.” In 2023, Europe added 116 new machines, increasing its share to 4.3% of the global total.

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Source: CoinGeek