Recent reports sound promising. Several providers are developing software that could turn regular ATMs into Bitcoin ATMs.
New software variants could dramatically increase the number of ATMs
By the end of the second quarter, there were nearly 5,000 ATMs worldwide that enabled the purchase of digital currencies such as Ethereum or Bitcoin. However, the number of crypto-capable ATMs could soon grow rapidly given the current news. Multiple companies across different countries are working on new programs and technologies. One of these companies is the Canadian exchange Coinsquare. As an investor in a startup, the exchange acquired new software designed to turn ordinary ATMs into machines for buying cryptocurrencies without requiring additional devices or apps. Such machines would continue to support traditional fiat withdrawals while also enabling crypto purchases. If successful, the number of ATMs tracked by CoinATMradar.com could rise to seven figures as early as next year.
Developers promise: coins withdrawable worldwide from standard ATMs
Robocoin, another well-known company, is also working on innovations for the crypto world. The software developed by Robocoin aims to convert traditional ATMs into crypto-capable terminals. In this case the development supports the company’s own business objectives, as Robocoin is a manufacturer of cash machines. The new program helps the company establish a second line of business and a potential revenue stream in digital currencies such as Litecoin, Ripple and others. According to industry reports, the software—called “Coin SDK”—can be deployed not only on the company’s own devices. Robocoin expects the project to increase acceptance and expand its potential customer base globally.
USA and Canada currently lead in ATM usage
Converted ATMs and terminals are expected to accept not only fiat currency but also enable crypto withdrawals, payments and transfers. Both developments could boost competition in the ATM market and ultimately lead to better conditions for customers. Currently, some providers charge relatively high fees for transactions. More than 70% of all ATMs installed today are located in the United States and Canada, while just over one fifth are found in European countries. In Austria, for example, the postal service is testing ATMs. New technological approaches matter because large international adoption of crypto ATMs has so far been limited, with only a few exceptions. A hybrid model that supports both fiat currency and cryptocurrencies from Bitcoin to Monero could open an important new path.
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