Blockchain-Based Project - Kelta Plans To Expand Its Bitcoin ATM Network Around The World

By Edward Moon | Analysis From Moon | 23 Sep 2020

Kelta, a blockchain-based platform specializing in providing computing power to crypto miners, scientific research, scholars, and others who may need it, is expanding its business offering by adding Bitcoin ATMs in the menu. The project plans to expand on its existing portfolio before branching to other locations around the globe.

For a start, Kelta has installed one machine in Slovakia’s capital city of Bratislava. The machine made by popular crypto ATM producer Lamassu allows users to buy and sell four cryptocurrencies using euros. The coins include Bitcoin, Ether, Litecoin, and Zcash. 

The list of coins on offer is expected to grow as the platform adds on the number of machines it has to offer in different locations. Currently, you can only spend 5,000 EUR per transaction.

Unlike other ATMs found in secluded locations with minimal spacing or even located outside malls, the project’s ATMs will be based in exclusive spaces that offer ambiance. Where like-minded people can meet and have discussions in private. These include small cozy cafes where even business meetings can be conducted. Based on this criterion, the first machine was installed along River Park on August 17.

The latest addition takes the number of Bitcoin ATMs available in Slovakia to 49. The capital city has the most machines with 17, followed by Kosice and Presov with 5. In total, Bitcoin ATMs are available in 17 locations in the nation, allowing citizens to purchase BTC, LBTC, BCH, ETH, DASH, LTC, ZEC, XMR, DOGE, USDT, and XRP. Slovakia is among 71 nations that offer crypto ATM services.

Bitcoin ATMs Growing Popularity

Bitcoin ATMs have gained popularity over the past few years thanks to the simplicity and convenience they offer when it comes to buying, selling and trading crypto coins using fiat. Less than three years ago, the number of Bitcoin ATMs stood at less than 2,000 globally, but today the figure stands at around 10,162 with most of the machines added this year. To put this into perspective, there were about 5,795 machines in December 2019, according to data compiled by CoinATMRadar, which represents a 75% growth in 2020 alone.

The majority of Bitcoin ATMs are based in the US, with over 8,000 sites. Canada follows in second place with around 880 locations, followed by the United Kingdom, Austria, and Spain with 281, 152, and 107 locations respectively. Other nations with at least 50 Bitcoin Machine locations include Switzerland 81, Italy 69, Poland 64, Czech Republic 64, Hong Kong 61, Colombia 59, Greece 55, Russia, and Romania with 53 each. In total, there are over 211,270 locations that sell crypto, including small kiosks and convenience stores.

As things stand, it has taken around 7 years for Bitcoin ATMs to reach the 10,000 milestone with the first machine installed towards the end of 2013. To mark the event, Coinatmtrader wrote, “After the first 3.5 years, there were 1,000 active bitcoin ATMs in operation, over the next 3.5 years this figure has increased by 9,000 ATMs more.”

The new milestone makes Bitcoin ATMs the go-to service for individuals who want to purchase crypto using fiat currencies, with the majority being unbanked and underbanked. 

Just like Kelta, a company like Coinflip is working hard to take cryptocurrencies to the masses through ATMs. According to Daniel Polotsky, who serves as the CEO, the company is installing between 30 and 50 machines each week, and they are on track to adding around 3,000 ATMs by December 2021. 

When it comes to manufacturers, Genesis Coin leads the way with around 3,574 machines. It is followed by General Bytes, which has 2,964 ATMs, and the following positions are filled by Bitaccess, Coinsource, and Lamassu with 1,040, 632, and 518 machines, respectively.

Kelta’s offering comes at a time when demand and appetite for crypto assets is on the rise. The ongoing Covid-19 pandemic has caused economies to crash hard, putting a strain on resources making people realize that digital assets like Bitcoin could act as a better store of value than conventional assets. National currencies have suffered due to money overprinting by governments trying to jumpstart economies, which has led to rising inflation.

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Edward Moon
Edward Moon

Crypto trader and analyst.

Analysis From Moon
Analysis From Moon

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