Crypto ATM Market Is Emerging Worldwide

 The global crypto ATM market size is expected to reach USD 1.88 billion by 2028, expanding at a CAGR of 59.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the consistent increase in the number of new cryptocurrency users and the subsequent need for crypto ATMs to convert cryptocurrency into fiat money. According to the statistics provided by TripleA, a cryptocurrency payment company, there were about 300 million crypto owners worldwide as of 2021.

 

Crypto ATMs offer several benefits to cryptocurrency users. They provide cryptocurrency users with easier trading options. Also, users are not required to set up an account or deal with long public keys. Rather, crypto ATMs automatically generate the receipt for transactions and these receipts contain both private keys and public keys in the form of QR codes.

Several retailers are trying to provide crypto ATM services to their customers as part of the efforts to digitalize their offerings while enhancing customer experiences. For instance, in October 2021, Walmart announced a partnership with coin cashing machine company Coinstar and crypto-cash exchange provider Coinme. The partnership envisages Walmart installing 200 bitcoin ATMs in its store across the U.S.

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The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the growth of the market. Lower access fees and ease of access encouraged people to increasingly invest in cryptocurrencies during the COVID-19 pandemic. According to the U.S. Consumer Crypto Survey, 48% of Americans bought cryptocurrencies in H1/ 2021.

Crypto ATM Market Report Highlights

·         The one way segment dominated the market in 2021. The increase in demand for one way crypto ATMs among the customers due to its seamless transaction offerings accentuated the segment growth in 2021

·         The hardware segment dominated the market in 2021. Crypto ATM hardware providers are focusing on strategic partnerships and mergers & acquisitions to improve their product offerings

·         The bitcoin segment dominated the market in 2021. The legalization of bitcoin across various countries worldwide propelled the growth of the segment in 2021

·         The restaurants and other hospitality spaces segment dominated the market in 2021. Several hotels worldwide are deploying crypto ATMs as part of the efforts to meet the changing needs of customers

·         The increasing use of digital currencies in Asia Pacific countries, such as Australia, Thailand, and Taiwan is expected to drive the growth of the Asia Pacific regional market

Key Companies & Market Share Insights

The market can be described as a highly fragmented market. The players operating in the market are pursuing various strategies, including strategic partnerships, to ensure consistent growth in this highly fragmented market. For instance, in October 2021, Bitcoin Latinum announced a partnership with ATM provider OSO ATMs. The partnership envisaged the two companies installing 100,000 Bitcoin Latinum ATMs across all 50 states of the U.S. in their three years of partnership. The partnership would particularly help OSO ATMs in achieving its vision of making cryptocurrency easily accessible for everyone.

Market incumbents are particularly focusing on offering unique solutions to their customers as part of the efforts to differentiate their products from those of their competitors. They are also pricing their products aggressively while offering fast delivery options. Market players are also focusing on offering both wall-mounted and table-mounted crypto ATMs as part of the efforts to add to the convenience of the customers and end-users. Some of the prominent players operating in the global crypto ATM market are: GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, Bitaccess Inc., Coinme, Coinsource, Coin ATM Radar, Orderbob, Cryptomat

Buy Full Report: https://www.grandviewresearch.com/industry-analysis/crypto-atm-market-report

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