GVR Report cover Crypto ATM Market Size, Share & Trends Report

Crypto ATM Market Size, Share & Trends Analysis Report By Type, By Offering, By Coin Type, By Application, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452002
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global crypto ATM market is expected to witness significant growth over the forecast period. The increase in the number of seminars and other events being hosted to increase the awareness about cryptocurrency, the subsequent increase in the popularity of cryptocurrency, and the continued installation of crypto ATMs at gas stations, general stores, restaurants, bars, and other daily use stores are expected to drive the growth of the market over the forecast period. The growing preference for making fund transfers using cryptocurrency in emerging economies and the increase in the number of digital transactions while availing of financial services are expected to contribute to the growth of the market. 

Crypto ATM Market Segmentation

Segments

Details

Type

One Way; Two Way

Offering

Hardware; Software

Coin Type

Bitcoin; Dogecoin; Ethereum; Litecoin; Others

Application

Commercial Spaces; Restaurants & Others Hospitality Spaces; Transportation Hubs; Standalone Units; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

The awareness about crypto ATMs is increasing worldwide as crypto ATM manufacturers are focussing to make crypto ATMs more accessible. According to the recent data from Coin ATM Radars, crypto ATM installations increased by 71.73% from 13,993 to 24,030 between January 2021 and July 2021. Crypto ATM providers are striking partnerships with convenience stores as part of the efforts to increase their market presence and enhance their offerings to provide a better customer experience. For instance, in July 2021, BITCOIN DEPOT, a Bitcoin (BTC) ATM provider, announced an international partnership with Circle K Stores, Inc., an international chain of convenience stores. The partnership envisaged deploying cryptocurrency ATMs across the U.S. and Canada.

The outbreak of the COVID-19 pandemic took its toll on the global crypto ATM market as individuals preferred to avoid visiting ATMs owing to safety concerns. Looking forward, the continued digitization and rollout of high-speed internet networks that have been driving the adoption of cryptocurrencies across emerging economies are subsequently expected to drive the demand for crypto ATMs over the forecast period. However, a looming lack of adequate understanding about crypto ATMs and technical know-how about cryptocurrency coupled with the growing concerns over privacy protection, particularly in developing countries, are expected to restrain the growth of the market over the forecast period.

Governments, particularly in developed economies, are helping regional players in strengthening their market presence. For instance, in August 2021, Coinflip, a cryptocurrency ATM operator, announced a new 44,000 square-foot headquarters at the Old Post Office in Chicago, Illinois. The expansion, which would create at least 30 new jobs, falls under the plans being considered by the state government to build a cryptocurrency regulatory framework, which would be the best in the U.S., while easing access to funding for innovative companies.

In recent years, venture capital companies have been focusing on cryptocurrency ATM makers and investing aggressively in them to help them in enhancing their product offerings and cementing their market footprint. These investments are expected to create new opportunities for the growth of the market over the forecast period. For instance, in May 2020, Coinme, a crypto ATM provider, raised USD 5.5 million in a Series A funding round led by Pantera Capital. The company plans to utilize the funding to develop its mobile app and strengthen its market position in Latin America.

Key players operating in the global crypto ATM market include GENERAL BYTES s.r.o.; Covault; Bitaccess Inc.; Genesis Coin Inc.; Coin ATM Radar; Orderbob Inc.; Cryptomat; Coinsource; and Lamassu Industries AG. These market players are pursuing various growth strategies, such as strategic partnerships, mergers & acquisitions, and new product development, to expand their market presence. For instance, in July 2020, GENERAL BYTES s.r.o.; announced the launch of EveryTrade, a cryptocurrency accounting package, which can help in managing transactions and tracking portfolios. EveryTrade is ideal for investors, ATM operators, tax consultants, accountants, and fund administrators.

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