Bitcoin ATMs In Russia On the Rise, Over 50 Currently In Operation As Crypto Adoption Continues
Bitcoin ATMs In Russia On The Rise, Over 50 Currently In Operation
A research conducted by Russia’s crypto industry association shows that there are at least 51 crypto ATMs in the country and the average turnover for each of these machines is close to $27,000.
When you look at the market shares of the ATM operators, Rusbit has the biggest piece of the pie with 47% of the share, it is followed by Investcoin25 with 24% and BTC O Matic comes in third with 19%.
Notably, Russia had more ATMs earlier but some were seized for illegal operations. Police in that country had confiscated around 22 BATMs installed in restaurants and stores across 9 cites. Currently, all the Bitcoin ATMs are operating legally.
The growth in the need for crypto ATM’s has still come even though there have not been favorable conditions for these companies in the market. Most of the companies have not been able to work on their full potential because of the regulatory uncertainty that exists in the market. Out of the 42 producers identified to manufacture the Crypto ATM, there are top 3 players in the market. It is the likes of Genesis Coin, who has been able to install their machines in about 1330 locations, General Bytes with 1236 locations followed by Lamassu with 433 locations.
Russia is not the only country with an increasing number of ATMs. The number globally has reached almost 4,300 devices and gains about 6 every day. Russia is one of the top 10 countries though. Even the troubled country of Venezuela is going to see their first bitcoin ATM installed soon. The CEO of the Panama-based Cryptobuyer ATM company informed that they will be installing the first crypto ATM in the country in the next two weeks.