90% of Individuals Stay 5 Miles From a Bitcoin ATM – Nasdaq

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A couple withdraws money from an ATM machine.

Image source: Getty Images

On Wednesday, leading cryptocurrency cash exchange — Coinme — announced at the 2022 Bitcoin Conference that it has increased its number of cash-to-Bitcoin automated teller machine (ATM) units by 185%, pushing the total number of its physical crypto- trading portals to more than 21,000 units within the US

“Since the pandemic, we’ve seen demand for our services increase as Americans become aware of crypto as a store of value and effective payment rail,” said Neil Bergquist, CEO and cofounder of Coinme in the company’s statement. “We’ve solved the access problem with our cash-to-crypto network that is now larger than many of the largest bank ATM networks. Now, we will continue to educate and build consumer awareness of the multi-pronged benefits of crypto, carrying on the work we started in launching Crypto Literacy Month last November.”

According to the company, this expansion of its ATM network means 90% of Americans now live within five miles of a real world, Coinme-enabled Coinstar or MoneyGram kiosk to buy or sell cryptos. The cash-to-crypto physical terminals currently support trading of the following virtual currencies: Bitcoin, Ethereum, Litecoin, Polygon, Chainlink, Dogecoin, and Stellar Lumens.

The kiosks accept payments via cash or Visa/Mastercard debit and are primarily located at grocery stores, check-cashing centers, and pharmacies across the lower 48 states.

Number of crypto ATM units have increased monthly worldwide

According to CoinATMRadar.com, the number of crypto-enabled ATM installations globally have increased every month since it started keeping track in October 2013. As of April 1, 2022, the website shows there are currently 36,685 cash-to-crypto ATMs in operation around the world. The website Statista.com further shows that 58 countries have physical crypto exchange terminals installed as of Aug. 16, 2021. The top 10 countries in descending order are:

  • United States
  • Canada
  • United Kingdom
  • Austria
  • Hong Kong
  • Switzerland
  • Spain
  • Poland
  • Romania
  • Czechia

The overwhelming majority of cryptocurrency transactions occur online using virtual trading platforms such as Coinbase and Gemini, which entail several steps to complete a transaction that include:

  1. Creating a digital wallet.
  2. Depositing funds from your bank or another source into one of the aforementioned trading platforms.
  3. Completing the “know your customer” requirements to comply with federal anti-money laundering regulations that the trading platforms are required to perform.
  4. Selecting a cryptocurrency you’d like to purchase from the available list using your bank deposit to fund the crypto purchase.
  5. Once the purchase is confirmed, it’s a best practice to move your crypto off of the trading exchange into the digital wallet you control, which you created in step 1.

Using a cash-to-crypto ATM is a bit more streamlined and would be much more familiar to anyone who’s ever used a traditional ATM terminal. Coinme agrees with that approach and states that its overarching mission is helping to crypto-enable existing financial systems so consumers can trade, store, and manage digital currencies in a simple, affordable, and safe manner.

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Tor Constantino owns Bitcoin and Ethereum.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool owns and recommends Bitcoin, Ethereum, and Visa. The Motley Fool has a disclosure policy.

The views and opinions expressed in are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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