Globally, the usage of digital currencies has increased over the years. In addition, various financial institutions have made it easy for users to buy and sell cryptos. One of the available options for users is the use of crypto ATMs.
Bitcoin of America Continues To Install More Crypto ATMs
Meanwhile, Bitcoin of America, a BTC ATM operator in the US, has released a report. The company noted that consumer demand and installation of its ATMs had increased tremendously.
Currently, the firm has over 2,500 ATMs all over the world. In March, the company controlled only 1,800 BTC ATMs. This shows an increase of about 38% from March to June.
A major reason for the expansion is that the company added new digital currencies. The platform now supports the purchase of Litecoin, Bitcoin, and Ethereum.
Also, in 2021, the usage of meme coins became widespread and famous in the crypto community. Therefore, the Bitcoin of America decided to add Shiba Inu and Dogecoin to its list.
“The company noted that offering various digital assets was necessary. As a result, it decided to add Shiba Inu and Dogecoin,” the statement added.
Furthermore, Bitcoin of America is also championing the increased usage of BTC ATMs globally. On the 10th of May, Finbold reported that crypto ATMs had risen globally. On the 1st of January, it was 34,340, but it is currently over 37,338.
Drivers Of Growth For Crypto ATM
Bitcoin ATMs are receiving widespread usage globally. The growth of these ATMs is due to the increased adoption of crypto assets. Besides, crypto investors are looking for how to transact digital currencies.
Amid strict regulations, ATMs are an option for cryptocurrency exchanges. Also, crypto ATMs are gaining popularity as payment methods. This is because they do not need KYC (Know Your Customer) processes.
However, this growth may drop soon due to the recent crypto bill in the US. Until the crypto bill becomes law, nothing is certain for now.
Recently, a US government agency, GAO, conducted a study. Meanwhile, the GAO provides investigative and auditing services for the US Congress.
The GAO’s study claims that cryptocurrency ATMs lead to increased financial crimes. Examples of offenses cited include human trafficking, fraud, and human trafficking.
“As the usage of digital currencies expands, law enforcement agencies are concerned. The FBI believe that these crypto ATMs may be used for criminal activities,” the report added.
Therefore, GAO recommends that a multi-agency approach is the best to regulate crypto ATMs.