The cryptocurrency ATM business is all set for a massive growth in Greece with the buying and selling of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dash set to multiply in next few months.
Now there are only four such ATMs in Athens and one in Thessaloniki. According to reports in the Greek media, in the near future there are plans to open more cryptocurrency ATM’s in other Greek cities.
This growing need of crypto ATMs is driven by a significant rise in the number of cryptocurrency users who prefer to avoid central authorities like banks.
Other users are just looking to access tied up assets quickly while on the move by allowing withdrawals in fiat from cryptocurrency balances.
This fast-expanding network of cryptocurrency ATMs is a godsend opportunity for those who want to straddle the economics of virtual currencies with the reality of a world still dependent on fiat money.
Stefanos Getsopoulos, co-founder of Thess Cash Hellas, a leading company in cryptocurrencies, said that three more ATM’s are planned to be installed in northern Greece.
Cryptocurrency ATM market witnessing a boom
The cryptocurrency ATM market is witnessing a boom and this was brought to light by a recent MarketsandMarkets research report which says that the crypto ATM market is going to hit $144.5 million by 2013. This would be a massive rise from the current figure which stand at $16.3 million.
The expected rise hasn’t surprised many as the Bitcoin ATM market which was around $6.8 million in 2017 has witnessed a growth of more than 50% over the last few months.
The research also notes that the use of cryptocurrencies is in the rise and this in turn will lead to a growth in the number of ATMs and transactions conducted through them.
According to a report by Coin ATM Radar, there are 3,650 Bitcoin ATMs in the world and nearly 30 Bitcoin ATMs are being installed each week, confirming the growth of crypto ATMs.
In July, Malta witnessed the installation of its first two-way Bitcoin and Litecoin cryptocurrency ATM. It was set up by Maltese ATM startup Moon Zebra.
This growing spread of cryptocurrency ATMs brings to fore both the possibilities and challenges that cryptocurrencies pose.
Image via Shutterstock
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