Bitcoin Depot’s crypto ATMs surpass 5,000 as adoption grows

Published at: Sept. 30, 2021

Bitcoin Depot’s cryptocurrency ATM network continues to expand, with North American installations surpassing 5,000 for the first time amid a surge in retail adoption. 

With the milestone, Bitcoin Depot is once again the largest ATM network in North America, the company announced Thursday. The number of kiosks has tripled in the last six months, giving more users access to cryptocurrency transactions without requiring a bank or other third-party financial services provider.

Bitcoin Depot’s partnership with Circle K convenience stores has been a major source of growth for their crypto kiosks. As Cointelegraph reported, the two companies announced in July that the convenience store chain will be home to thousands of Bitcoin ATM machines.

The growth of crypto kiosks is viewed by many as a proxy for the retail adoption of Bitcoin (BTC) and other digital assets. Crypto ATM installations have surged in El Salvador, where Bitcoin recently became legal tender, giving people an easier way to transact in BTC or convert it to fiat.

Salvadorans are also making use of their government-backed Chivo cryptocurrency wallet. According to President Nayib Bukele, more than a third of the country’s residents are “actively” using Chivo.

Related: El Salvador ranks third in global Bitcoin ATM installations, data finds

Nevertheless, the growth of Bitcoin ATMs isn’t without risk. Kraken Security Labs, the security outfit of the popular cryptocurrency exchange, warned earlier this week that a “large number” of Bitcoin ATMs are susceptible to being hacked because administrators never changed the default admin QR code. The security team said that if hackers are able to obtain the admin code, they can essentially “walk up to an ATM and compromise it.”

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