Crypto ATM Market Growth, Key Players, Sales, Trends, Size, Share and Forecasts to 2030
A crypto ATM is a terminal that accepts cash, bank cards, and payment gateways to buy or sell digital currencies like Ethereum, Litecoin, and Bitcoin. It connects users to the cryptocurrency network, generating a receipt for each transaction. Before completing a transaction, the ATM may request a government ID scan or send a text verification code to the provided phone number.
The increasing awareness of cryptocurrencies is driving investors and miners to use crypto ATMs, with digital payment service providers encouraging market participants to develop robust solutions for cryptocurrency transactions.
Crypto ATM Market is estimated to increase at a CAGR of 52% from $ 1.78 billion in 2023 to $ 15.67 Billion by 2030
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Competitive Landscape of the Crypto ATM Market Analysis
- BITCOIN DEPOT
- Bitstop
- Cash Cloud, Inc.
- Coinsource
- Covault LLC
- Bitaccess Inc.
- Cryptomat
- GENERAL BYTES s.r.o
- Genesis Coin Inc.
- Kurant GmbH
- Lamassu Industries AG
- RockitCoin
- Coinme
- Coin ATM Radar
- Soft-logic Co.
- Byte Federal Inc.
- Chain Bytes LLC
New Developments
March 28, 2023 - Coinme, a leading cryptocurrency cash exchange in the U.S., and the Stellar Development Foundation, a non-profit organization that supports the development and growth of the Stellar network, today announced the release of Circle’s USDC on Stellar throughout the Coinme wallet and Coinme’s global cash onramp and offramp ecosystem. Coinme’s integration of USDC on Stellar promotes financial inclusion by enabling physical cash to become borderless digital cash accessible across thousands of locations nationwide, making it simple and affordable to cash in, cash out, send, and receive USDC on Stellar.
FEB 08, 2023- Coin Cloud crypto ATM operator files for bankruptcy, owes over $100M to Genesis
Trends
Convenience in transactions provided by Crypto ATMs
Crypto ATMs provide a quick and safe trading experience, eliminating the need for an account or online wallet. Both purchase and sell order transactions are completed as soon as money is placed into the ATM, reducing waiting times.
Customers can start trading immediately after deposit, without setting up a public key or blockchain address.
The rapid surge of startups and increasing investment in the crypto world
Most nations are investing in firms that build cryptocurrency ATMs to support the expansion of cryptocurrency exchanges.
With millions of dollars in funding from venture capitalists, the market for bitcoin ATMs is expected to explode in the upcoming years. Investors are eager to fund these firms because they offer a reliable source of income and a larger return on investment than fiat currency exchanges, providing profitable growth potential in the industry.
Growth Drivers
Walmart has partnered with Coinstar and Coinme to offer bitcoin ATM services to enhance customer experiences and digitize products. The company plans to install 200 bitcoin ATMs at its retail locations.
The COVID-19 pandemic has significantly impacted market growth, as customers started investing in cryptocurrencies due to ease of use and lower access fees. In the first half of 2022, 48% of Americans bought cryptocurrency, according to the U.S. Consumer Crypto Survey.
Restraint
Crypto ATM sector growth is hindered by the limited acceptance of cryptocurrencies as legal cash due to their decentralized structure, volatility, perceived threat to monetary systems, and links to illegal activities like drug trafficking and money laundering.
Countries like China, Russia, Colombia, Algeria, and Egypt have virtually outlawed Bitcoin, prohibiting banks and financial entities from transacting or dealing in the digital currency. This has led to a lack of financial and banking system support for cryptocurrencies.
Segment Analysis
By Offering
The global cryptocurrency ATM industry is primarily dominated by the hardware segment, which includes cash boxes, ATM stands, cash recyclers, door switches, cash dispensers, and extension boxes. These components vary depending on the type of crypto ATM being manufactured, making it a complex and diverse industry.
By Type
The global cryptocurrency ATM market is divided into one-way and two-way segments, with one-way ATMs expected to dominate due to their high demand for secure and convenient money transfers, accounting for over 70% of all bitcoin ATMs globally, according to Cryptodispensers.
Regional Outlook
The US plays a significant role in the spread of digital currency ATMs due to its diverse market, regulatory environment, financial innovation culture, increasing acceptance of cryptocurrencies, easy capital access, wide geographic reach, trailblazing operators, and growing customer demand for cash-to-crypto services.
With 20% of Americans owning cryptocurrency, the US has the most cryptocurrency ATMs, with 30,714, according to Coin ATM Radar. Rising cryptocurrency adoption is expected to support market expansion.
The crypto ATM market's 10% revenue share in 2022 is due to increased trade finance availability in Asia Pacific. Countries like South Korea and India are investing in companies to accelerate the global spread of cryptocurrency exchanges, resulting in a rise in demand for these devices.
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