Crypto ATM Market

Global Crypto ATM Market Size, Share, Growth Analysis, By Offering(Hardware and Software), By Type(One Way and Two Way), By Coin(Bitcoin (BTC), Litecoin) - Industry Forecast 2024-2031

Report ID: SQMIG45A2044 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 91 | Figures: 76

Global Crypto ATM Market Dynamics

Crypto ATM Market Driver

  • Several businesses are attempting to offer cryptocurrency ATM services to their consumers as part of their efforts to digitalize their offerings while improving customer experiences. For instance, in October 2021, Walmart announced a collaboration with Coinstar, a coin-cashing machine firm, and Coinme, a cryptocurrency exchange provider. Walmart intends to put 200 bitcoin ATMs in its stores across the United States as part of the collaboration.
  • The COVID-19 pandemic is predicted to have a significant impact on market growth. During the COVID-19 pandemic, consumers began to invest in cryptocurrencies more frequently due to lower access fees and convenience of use. According to the U.S. Consumer Crypto Survey, 48% of Americans purchased cryptocurrency in the first half of 2021.

Crypto ATM Market Restraint

  • The limited adoption of cryptocurrencies as legal tender is a major constraint to the Crypto ATM market. Due to their decentralised nature, volatility, perceived danger to established monetary systems, and linkages to criminal activities such as drug trafficking and money laundering, several countries have refused considering cryptocurrencies to be legal tender. Some countries have explicitly banned digital currency, while others have attempted to cut off any support from the banking and financial systems that is necessary for its trade and use. Bitcoin is effectively prohibited in a number of nations, including China, Russia, Colombia, Algeria, and Egypt. Transacting or dealing in Bitcoin is forbidden for all banks and other financial entities, such as payment processors. Furthermore, cryptocurrency exchanges are prohibited by numerous country governments, which complicates matters even more.
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FAQs

Global Crypto ATM Market size was valued at USD 71.9 million in 2019 and is poised to grow from USD 116.7 million in 2023 to USD 5451 million by 2031, growing at a CAGR of 62.5% in the forecast period (2024-2031).

The majority of countries are investing in companies for Crypto ATMs in order to accelerate the expansion of cryptocurrency exchange. These firms are receiving millions of dollars in venture capital funding, demonstrating that the market for cryptocurrency ATMs will expand tremendously in the upcoming years. Furthermore, investors are interested in investing in these firms because crypto ATMs are a solid source of profit and hence have a larger return on investment. 'General Bytes', 'Genesis Coin ', 'Bitaccess ', 'Lamassu', 'Coinsource', 'Bitstop', 'Chainbytes', 'ByteFederal', 'Cryptocurrency ATM', 'CryptoGo', 'Cryptospace', 'DCoin', 'Coin Cloud', 'CoinFlip', 'CoinOutlet', 'RockItCoin', 'Shitcoins Club', 'Bitcoin Depot', 'Bitcoin of America', 'Vault Logic'

Several businesses are attempting to offer cryptocurrency ATM services to their consumers as part of their efforts to digitalize their offerings while improving customer experiences. For instance, in October 2021, Walmart announced a collaboration with Coinstar, a coin-cashing machine firm, and Coinme, a cryptocurrency exchange provider. Walmart intends to put 200 bitcoin ATMs in its stores across the United States as part of the collaboration.

The restaurant and other hospitality spaces dominated the market in 2021, accounting for more than 33% of total sales. The installation of bitcoin ATMs at nightclubs throughout the world is growing in popularity. For instance, in November 2021, Bitcoin of America announced the construction of a bitcoin ATM in Chicago's Joy District, Illinois. Customers can buy bitcoins or withdraw cash from the ATM. The installation of the crypto ATM was meant to increase bitcoin awareness among people across the United States.

In 2021, North America dominated the crypto ATM market with a revenue share of around 45%. In 2021, the United States was the world's most "crypto-ready" country that received a score of 7.3 out of 10 in the Crypto Head ranking, owing to the availability of Bitcoin, Dogecoin, and other cryptocurrencies and an extensive and expanding crypto ATM network. In 2021, there were 17,436 crypto ATMs around the country.

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