Global Cryptocurrency ATM Market is valued at USD 53.5 Million in 2021 and expected to reach USD 1339.6 Million by 2028 with a CAGR of 58.4% over the forecast period.
Global Cryptocurrency ATM Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Rising demand for cloud among financial companies, increasing initiatives taken by the Government to deploy Crypto ATMs, and growing popularity of cryptocurrency are some of the major factors driving the growth of Global Crypto ATM Market.
A cryptocurrency is an alternative form of payment for cash, credit cards, and checks. In cryptocurrency, the customer sends money directly without interacting with the bank. Crypto ATM is an ATM through which individuals can easily transfer cryptocurrencies through an ATM machine to purchase cryptocurrency through Crypto ATM, the person must go through KYC, enter the address of the Crypto Wallet for a deposit, enter the order money through Crypto ATM and finally confirm the transaction. Crypto ATMs automatically generate receipts for each transaction. For security purposes, these receipts contain public and private keys in the form of QR codes.
The Covid-19 pandemic has shown an optimistic impact on the growth of the global crypto ATM industry owing to the increased investment in cryptocurrencies. In addition, prior to the outbreak, cryptocurrency growth slowed, but during the pandemic, there was a significant increase in investment in Bitcoin, Ethereum, Dogecoin, and others. In turn, this has become a major growth factor for the crypto ATM market in times of global health crisis.
Global Crypto ATM market is segmented into type, ATM hardware, coin, application, operation, capacity and region & country level. Based on type, the crypto ATM market is segmented into one way and two way. Based on ATM hardware, the crypto ATM market is segmented into the display, ATM printer, QR scanner and others. Based on coin, the market is segmented into Coin, Bitcoin (BTC), Litecoin, Ethereum (ETH), Dogecoin, Bitcoin Cash, Dash, Tether (USDT) and others. Based on application, the crypto ATM market is segmented into commercial spaces, restaurants, hospitality spaces, transportation, hubs, standalone units and others.
The regions covered in this Crypto ATM market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, market of global Crypto ATM is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, Southeast Asia, GCC, Africa, etc.
On January 15th, 2022; The ostensible first cryptocurrency ATM machine has been installed in Uruguay, developed as a joint initiative between Urubit and Inbierto, two national crypto companies. This represents a milestone for the country, which according to estimates has between 40K and 50K cryptocurrency users, whose primary avenue for purchasing crypto relies on peer-to-peer markets.
On March 21st, 2021; The 7000 machines have been shipped to the USA, the # 1 country in deployment numbers, and currently has more than 14000 machines installed in the USA. The company is also seeing a trend where clients order large batches of ATMs at a time, signaling the commercialization of the market.
On March 3rd, 2021; Bitcoin Depot deployed 355 crypto ATMs in 40 different American states. These include 40 new kiosks across Florida, 32 in North Carolina, 24 in Texas, 23 in California, and 20 in Georgia. These ATMs are the latest of the 2,500 Bitcoin Depot has rolled out in the past six months. In that time frame, the company has more than doubled its kiosk footprint. The company expects 200% growth by the end of the year.
Increasing popularity of cryptocurrency is one of the major factors driving the growth of the global crypto ATM market. And, to ensure sustainable growth in this highly fragmented market, market players are adopting a variety of strategies, including strategic partnerships. For example; GENERAL BYTES announced the launch of a crypto ATM called BATMFour. The ATM is available in one-way and two-way configurations in 2020. The goal of launching the new product was to strengthen the company's product offerings in the crypto ATM space. In April 2021, PayPal announced that it would allow users to pay in Bitcoin after checking out with various merchants. The purpose of this initiative was to help the company gain a competitive edge. For example; Blue Ridge Bank in Charlottesville, Virginia, USA announced a partnership with Bitcoin ATM software provider LibertyX and ATM operator BluePoint ATM In February 2021. As a result of the partnership, Blue Ridge Bank customers will soon be able to replenish and purchase Bitcoin from the bank's 19 ATMs. Additionally, market executives are particularly focused on offering unique solutions to their customers as part of their efforts to differentiate their products from those of their competitors. They are also setting aggressive prices for their products while offering fast delivery options. Market players are emphasizing offering both wall-mounted and table-mounted crypto ATMs as part of the effort for the convenience of customers and end-users. As a result, the players in the market are trying to elevate the market by making huge improvements.
In addition, rising fund transfers in developing countries, increasing access to smartphones, fluctuations in monetary norms, and the growing establishment of crypto ATMs in restaurants, bars, general stores, and gas stations area also fostering market growth. The growing penetration of smartphones around the world is also a major factor driving the market growth. Smartphones allow cryptocurrency users to take full advantage of the capabilities of crypto ATMs. In March 2021, 34.45 percent of people worldwide used smartphones to buy and sell Bitcoin, according to data provided by cryptocurrency information provider Coin Dance. In addition, in March 2021, 3.03 percent and 62.53 percent of people worldwide used tablets and desktops to research and exchange Bitcoin, respectively. Moreover, the number of crypto ATM installations from players has been increasing over the last few years due to the increasing demand of citizens. For example; according to Brandessence, there were more than 24,700 Bitcoin ATMs in the US as of September 2021, up from 2,342 in January 2018. As a result, there are currently 35649 Bitcoin ATMs in 77 countries worldwide. These figures show a growing demand for crypto ATMs over the last two years.
However, the limited acceptance of cryptocurrency as a legal tender and the limited availability and limited availability of ATMs and kiosks may hinder the market growth. On the other hand, the growing number of startups investing in cryptocurrencies and the pursuit of a higher return on investment may offer more growth opportunities for the market.
North America is expected to dominate the global crypto ATM market with the largest revenue within the forecast period. North America is home to many major market players such as Bitcoin Depot, Coin Cloud, and CoinFlip. In addition, the deployment of crypto ATMs in public places has led to a significant impact on market growth, especially in the US. International Airport. Crypto ATMs will allow passengers to buy and sell digital currencies at airports. In 2017, the Mexican government declared Bitcoin legal, and it will be regulated by the FinTech Act. In addition, Canada has reported extensive start-up activity, particularly for cryptocurrencies.
The Asia Pacific region is expected to emerge as the fastest-growing regional market within the forecast period owing to the continuous establishment of two-way crypto ATMs in Asia-Pacific countries, such as the Philippines. The proliferation of smartphones and the continued rollout of 5G technology are also expected to open up more opportunities for market growth in this region.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 53.5 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 1339.6 Million|
|Tables, Charts & Figures:||175|
|Crypto ATM Companies||GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, Bitaccess Inc., Coinme, Coinsource, Coin ATM Radar, Orderbob, Cryptomat, others.|
|Segments Covered||By Type, By ATM Hardware, By Coin, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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