Global crypto ATM market was valued at USD 99.77 million in 2021, and it is expected to reach a value of USD 1352.36 million by 2028, at a CAGR of more than 45.12 % over the forecast period (2022–2028).
Westford, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) — Crypto-trade is booming and this is not surprising as the number of investors and traders in the crypto ATM market keeps on growing. Among the many benefits that cryptocurrency trading has to offer, one of the key ones is its potential to reduce transaction fees. And this is where crypto ATMs come in, as they allow you to convert cash into various cryptos hassle-free.
Crypto ATM growth is being propelled by a number of factors. Chief among them is the large and rapidly growing crypto market. As bitcoin and other cryptocurrencies continue to grow in value, more people are beginning to explore their options for buying and selling them.
Other factors driving growth in crypto ATM include regulatory uncertainty surrounding cryptocurrencies, which is creating an opportunity for providers of these machines to expand into new crypto ATM markets. Additionally, the advent of blockchain technology has created opportunities for new applications that can be built using crypto assets. This includes use cases such as payment platforms and smart contracts. As a result, providers of these machines are expanding their operations into new markets in an effort to capitalize on this growing trend.
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Over 39,000 Crypto ATMs are Present Across the Globe and the Number is Expanding at Staggering CAGR of 45%
As of August 2022, there are more than 39,000 crypto ATMS around the globe out of which the US and Canada are home to over 90% of the global crypto accounting for over 34,400 and 2552, respectively. In fact, over 20,000 ATMs were added across the global crypto ATM market in just 1 year. The latest location to add onto this list is Singapore. The city state is home to a staggering number of ATMs bearing the names of popular digital tokens such as Bitcoin, Ethereum and Litecoin. In fact, there are now more than 20 operational ATMs in Singapore that allow users to convert their cryptocurrencies into local currencies like SGD and USD. Apart from this, Hong Kong has over 148 bitcoin ATMs. India become the latest country to install 2 crypto ATM in August 2022.
According to SkyQuest study on global crypto ATM market, the operators of these machines say they hope this initiative will lead to increased interest in the underlying blockchain technology and prompt more people to explore the potential benefits of cryptocurrency ownership. “We’re excited to push the envelope in bringing convenient and affordable access to cryptocurrency for our customers,” said Ivan Poon, managing director of Chaintech International Pte Ltd, one of the operators of the crypto ATM network in Singapore. However, the Singapore government has started crackdown of crypto ATM and Shutting them down since January 2022.
Rapid Fall of Cryptocurrency Market has Slowed Installation of New Crypto ATM, Says Analyst at SkyQuest
Globally, more than 39,000 crypto ATMs are installed and more than 20,000 of them came in 2021 in the global crypto ATM market. However, since then, only 5,000 new ATMs are installed in the year 2022 as the cryptocurrency market has undergone a rapid fall, leading to a decrease in the number of crypto ATMs installed around the world. According to data from Coinmap, as of January 2022, there were 1,029 crypto ATMs installed globally. However, this number has since decreased by significantly and 4,012 new crypto ATMs are added in the span of 7 months thereafter.
Although there are a few possible reasons for this decrease in the number of crypto ATMs being installed, one of the main factors could be the fall in the value of cryptocurrencies. For instance, at the time of writing this PR, Bitcoin has eroded over 56% of its valuation in just one year. Since most ATMs require users to deposit fiat currency in order to withdraw cryptocurrencies, an increase or decrease in the value of cryptocurrencies could lead to an overall decline or increase in the number of installations respectively in the crypto ATM market.
Another potential reason for this decrease in the number of crypto ATMs is due to increased regulatory scrutiny. Earlier this year, many governments around the world began to take a stricter stance on cryptocurrencies and their associated activities. This stricter stance could lead operators in the global crypto ATM market to decide that it is not worth installing them in certain locations due to the high level of risk involved. For instance, Singapore once considered a crypto friendly country has already started crypto ATM in January 2022. As a result, ATM operators are hesitating to install new machine in the country.
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Crypto ATM operators are struggling to keep up with a surge in demand, and some have even gone out of business. In addition, a number of hospitals and casinos have also stopped installing crypto ATMs, as they do not make enough money from them. Popularity is mainly due to the booming value of cryptocurrencies such as bitcoin and Ethereum. But once the price of cryptocurrencies drops, so does the revenue from crypto ATMs.
Despite these challenges, there are still a number of crypto ATM operators in the global crypto ATM market who are confident about the long-term prospects for this technology. Barry Silbert, the founder and CEO of Digital Currency Group, commented on the fall in value of cryptocurrencies: “The experience of 2018 will help inform future innovation and regulation in this new digital asset class. This Wasn’t supposed to be easy or perfect from day one.”
SkyQuest has published a report on global crypto ATM market and provided a detailed analysis of global installation of crypto ATM, factors driving its growth, threat, opportunities, and trends. Apart from this, the report provides deeper insights about current government regulations, and its impact on ATM operators.
Recent Developments in Global Crypto ATM Market
- In August 2022, BitBase announced to open a Crypto ATM in Venezuela
- In August 2022, BleepingComputer suffered attacks by hackers and stole cryptocurrency of customers and siphoned the deposits or purchase to their account by exploiting zero-day bug
- In August 2022, Bitcoin Depot, world’s largest player in crypto ATM market, announced to go public through SPAC deal. The acquisition value was stood at over $885 million
- In August 2022, a crypto ATM was installed in Japan after 4 years
- In August 2022, two crypto ATM were installed in Delhi and Gugugram, India
- In January 2022, Singapore started shutting down crypto ATM
SkyQuest has tracked over 150 recent developments in terms of new launch, new installations, acquisition, and government regulations. In addition, the report provides a detailed analysis of its impact on global crypto ATM market by value and volume.
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Top Players in Global Crypto ATM Market
- General Bytes (Czech Republic)
- Genesis Coin (US)
- Lamassu (UK)
- COVAULT (US)
- Bitaccess (Canada)
- Coinme (US)
- Coinsource (US)
- Bitxatm (German)
- Orderbob (Austria)
- RUSbit (Russia)
- Bitcoin Depot (US)
- Bitstop (US)
- Cash Cloud, Inc (US)
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