The State of Bitcoin ATM Market in Canada
- By Localcoin
- November 10, 2023
Canada’s Bitcoin ATM landscape is burgeoning, driven by the rising acceptance of cryptocurrencies, strategic industry partnerships, and a conducive regulatory environment. The robust Bitcoin ATM market in Canada reflects a maturing Bitcoin ATMs Canadian Market with a substantial count of both Bitcoin and Altcoin ATMs in Canada.
The increasing number of Bitcoin ATM Canada locations is a testament to the growing acceptance and use of cryptocurrency in Canada. The deployment of these ATMs, including Cryptocurrency Kiosks in Canada, provides a convenient way for individuals to buy or sell cryptocurrencies, enhancing the Crypto ATM Services in Canada.
This comprehensive exposition delves into the statistical growth, recent developments, and the broader implications of the evolving Bitcoin ATM Expansion in Canada.
A Staggering Growth in Numbers
Source: Coin ATM Radar
The growth trajectory of Cryptocurrency ATMs in Canada is nothing short of impressive. From a count of 888 ATMs as of November 1, 2020, the numbers escalated by almost 190% over two years, reaching a significant tally by the same date in 2022. The year 2022 alone witnessed a nearly 28% uptick from the previous year, catapulting the total count from 2000 to 2580 ATMs.
This growth trajectory didn't plateau; in June 2023, Canada welcomed the addition of 27 new Bitcoin ATMs, showcasing a continuing trend of Bitcoin ATM Adoption in Canada. As of March 2023, the count stood at 2,645 ATMs, leaving Canada with the second-largest collection of Bitcoin ATMs globally, representing 6.58% of the global total of 38,750 Bitcoin ATMs. Among these, Localcoin owns 933 ATM locations in Canada.
Global Resurgence Reflects Locally
The global Bitcoin ATM landscape witnessed a significant resurgence in May 2023, with the total number of ATMs increasing to 35,069 from a nearly two-year low of 33,389 in April 2023. This global trend potentially mirrors a similar buoyancy in Canada, given its significant stake in the Bitcoin ATM sector. The global and local trends depict a symbiotic relationship, where the global resurgence possibly fuels local growth and vice versa.
The International Footprint
Canada’s influence in the Bitcoin ATM market transcends its borders. On October 19, 2023, Localcoin heralded its international expansion into Australia, with an initial deployment of 35 Bitcoin machines in strategic locales. This overseas venture underscores the global aspirations of Canada Bitcoin ATM Operators and marks a significant stride towards establishing a global footprint in the Cryptocurrency ATM Network Canada domain.
Operators in the Bitcoin ATM Market
Source: Coin ATM Radar
In Canada, several operators manage Bitcoin ATMs, each with its own set of services and coverage areas. Here are some of the notable operators:
- Instacoin: Instacoin owns and operates 170 Bitcoin ATM Canada locations across the country, allowing users to buy and sell six different cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, and Ethereum Classic without a complex approval process.
- Localcoin: Localcoin provides services for buying and selling cryptocurrencies like Bitcoin, Ether, Litecoin, and Dogecoin, through its Digital Currency ATMs Canada. Localcoin has over 900 Bitcoin ATMs in Canada and has begun expanding into Australia.
- BitcoinRobin x Coinsquare: In partnership with Coinsquare, BitcoinRobin operates a network of Cryptocurrency Kiosks in Canada that enables customers to buy and sell Bitcoin and other digital currencies.
These operators provide Canadians with accessible platforms to trade cryptocurrencies. The services include not only Bitcoin transactions but also extend to other cryptocurrencies, with some even offering stablecoins. Their operations contribute to the growing cryptocurrency infrastructure in Canada, catering to the increasing interest and adoption of digital currencies among the populace.
The unfolding narrative of Bitcoin ATM market in Canada is emblematic of a thriving market, underpinned by a steady growth in numbers, strategic industry alliances, and international expansions. The burgeoning landscape reflects a broader acceptance and utilization of cryptocurrencies in Canada.
The interplay of convenience, cost, and accessibility will likely shape the future trajectory of the Bitcoin ATM market in Canada, making it a significant player in the global cryptocurrency space as a whole.
Leverage over 900 Localcoin Bitcoin ATMs across the nation for buying and selling Bitcoin and other altcoins, and embark on your journey into the realm of crypto today!
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