ATM providers have yet to turn to the developing world as a potential market but they are continually working on getting access and support for these areas. There are approximately 1400 cryptocurency ATMs in the US () which account for over half of the total amount of these ATMs. Thus letting this untapped market, in developing countries, stay untapped. What if these people turned to cryptocurrencies as a safe and relatively stable currency option? Over 9 cryptocurrency ATMs are installed a day throughout the world, however, a large majority of these ATMs are installed in traditional western countries. Many of those local economies have turned to more stable and reliable currencies such as the US dollar or the Euro.
Take Zimbabwe, for example, where their local currency inflated at extreme and unsustainable rates due to financial mismanagement. Additionally, many people living in developing countries lack trust in their governments and their financial systems. Nevertheless, many lack the access to cryptocurrency online exchanges as many exchanges require a bank account and government issued ID to use.Ĭryptocurrency ATMs are a perfect response to this issue with a potentially large user base in the internet accessible and unbanked populations in developing countries. However, news about cryptocurrencies and blockchain technologies have surprisingly spread to the corners of Africa and many Africans eagerly await the dawn of the use of cryptocurrencies. In fact, according to the World Bank, 59% of adults in developing countries do not have access to a bank account.
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