Bitgamo to Open 75 Crypto ATMs in Europe in 2024
Luxemburg-based crypto-to-fiat exchange, Bitgamo, has announced its plans to launch 75 cryptocurrency ATMs across Europe by 2024. Bitgamo is known for its no-KYC (know your customer) policy, allowing users to trade crypto without registering or revealing personal information. Luxemburg does not require such disclosures. This move aims to expand Bitgamo’s presence in the growing crypto ATM market.
The Rising Popularity of Crypto ATMs
Crypto ATMs have gained significant popularity among crypto enthusiasts, with over 32,000 ATMs located in 69 countries, according to Coin ATM radar. These stand-alone kiosks allow users to sell cryptocurrencies for cash. The number of ATMs has surged since 2021, with the first ATM installed in Canada in 2014.
Bitgamo Enters a Competitive Market
If Bitgamo successfully establishes its crypto ATMs in Europe, it will join the existing 1,400 ATMs on the continent. Currently, Kurant operates 234 ATMs, while Shitcoins operates 222 ATMs, making them the top two operators in Europe. The top 10 operators collectively run 934 ATMs, representing 63.4% of the total. With 137 operators in the region, competition in the European crypto ATM market is fierce.
Hot Take: Expanding Access to Crypto with ATMs
Bitgamo’s plan to introduce more crypto ATMs in Europe aligns with the growing demand for convenient and accessible ways to buy and sell cryptocurrencies. By expanding its presence, Bitgamo aims to provide users with easier access to crypto transactions, promoting the adoption and integration of digital currencies into everyday life. However, with the competitive market landscape, Bitgamo will need to differentiate itself to attract users and establish a strong foothold in the European crypto ATM market.
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