The expansion of cryptocurrency ATMs across Australia has brought to light some unexpected regional hubs with a high demand for blockchain technology. Localcoin, a Canadian company responsible for over 400 crypto ATMs across the country, has provided new data revealing which areas have the strongest appetite for cryptocurrency.
According to Localcoin, Wodonga, Wollongong, and Ballarat have become bustling centres for crypto transactions. However, the company’s only machine in Wagga Wagga, located in a service station along the Sturt Highway, has shown a different trend. While it may not see as much traffic as others, the average transaction value is significantly higher.
“In Wagga Wagga, we’re witnessing a growing appetite for cryptocurrency. While current data shows lower overall usage of our ATMs, the transaction amounts are notably high when they are used,” explained Localcoin’s Chief Executive, Tristan Fong.
Australia’s Crypto ATM Explosion
Australia has seen an unprecedented growth in the number of crypto ATMs since the start of 2023, experiencing a 16-fold increase to over 1,200 machines. This places Australia among the leading nations in terms of crypto ATM proliferation, with the United States boasting more than 35,000 machines and Canada coming in second with around 3,000.
Crypto ATMs allow users to convert cash into cryptocurrency, which is transferred to their digital wallets, or to sell cryptocurrency for cash. These machines support major digital currencies such as Bitcoin, Lightning BTC, Ether, Ripple’s XRP, and Dogecoin, offering users a convenient way to engage with the growing crypto market.
Data from Coin ATM Radar reveals a diverse spread of crypto ATMs across Australia’s regions. Western Victoria alone has 15 machines, while four are located in northern Western Australia outside of Perth. In the goldmining town of Kalgoorlie, two machines are operational, and the northern half of Queensland has 36, with Darwin boasting seven.
Filling the Regional Gap
Localcoin’s strategy focuses on filling a crucial gap in crypto accessibility by deploying ATMs outside Australia’s major cities. Mr. Fong emphasized the importance of reaching regional and smaller metropolitan areas.
“We noticed that access to cryptocurrency was limited in Australia, particularly in regional and smaller metropolitan cities outside of the largest CBDs. We believe it’s essential for these communities to have the opportunity to invest in crypto. Localcoin is the vessel that ensures everyone in Australia can easily access cryptocurrency,” Fong stated.
First-Time Buyers on the Rise
The Australian Taxation Office (ATO) estimates that between 700,000 and 1.2 million individuals and entities will declare crypto assets in their most recent tax returns, signaling an increasing mainstream interest in cryptocurrency.
Localcoin’s data further supports this trend, with 72% of its users identified as first-time cryptocurrency buyers. This growing interest in crypto among the general public underscores the importance of accessible digital finance infrastructure, particularly in regional areas.
As cryptocurrency becomes a more prominent part of the global financial landscape, the rapid expansion of crypto ATMs in Australia highlights the country’s evolving relationship with digital currencies, with regional centres emerging as unexpected hotspots in this new financial frontier.
