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Crypto ATM Market Analysis to 2024 with Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, Coinsource Dominating
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The popularity of Bitcoin cash and ATMs in the European countries that offer fast & safe transactions is further driving the crypto ATM market growth. Also, the cryptocurrency ATMs are gaining popularity in Argentina due to the rising demand for Bitcoin and decreasing importance of the national currency. For instance, Athena collaborated with the Odyssey Group to install about 150 crypto ATMs by 2018 in Argentina.
Crypto ATM Market size is driven mainly by the increasing usage of cryptocurrency and fund transfers across the globe. The rise in the demand for this automated technology is attributed to the technical advancements and functionalities in the machines. These systems allow users without technical knowledge to operate in the crypto business with ease. Due to the growing awareness and government permits to use cryptocurrency in regions including North America and Europe, more companies are investing in manufacturing these machines. Additionally, the evolution of cashless payments and transactions in the retail sector is creating new opportunities for the crypto ATM market. For instance, in June 2018, Amsterdam Schiphol Airport announced the installation of crypto ATMs that provide Bitcoin and Ethereum currencies, becoming the first airport to offer such digital transactions via an ATM.
Factors, such as high usage fees and non-refundable transactions, associated with the machines are hindering the crypto ATM market growth. The ATMs charge much higher conversion fees as compared to the conventional ATMs. The average fee for undergoing the cryptocurrency machine transactions is about 8% of the total amount. The transactions are non-refundable and irreversible as they are not operated by banks and businesses. Users need to double check their transaction amounts and wallet addresses to avoid any problems as the conversion cannot be reversed or canceled. The crypto ATM market faces challenges in managing the cash availability and conversion operations. Stringent government regulations that prohibit the usage of cryptocurrency in countries including India are hindering the crypto ATM market growth.
Two-factor authentication of the cryptocurrency transactions is a trend driving the crypto ATM market growth. The process includes confirming transactions via a mobile number & SMS code and then identification via biometric scanning. This provides enhanced security and safer digital payment & conversion functions to the users. These machines safely uphold the individual privacy and do not reveal the wallet details to other customers. Cryptocurrency machines eliminate the chances of frauds due to the absence of third party in these transactions. The crypto ATM market is driven by the provisions to purchase and sell various digital currencies, such as Bitcoin cash, Ethereum, and Litecoin, from a single machine.
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The two-way ATMs are gaining popularity in the crypto ATM market owing to the provision of both, buying and selling functions. The machines offer features that support the purchase and sale of cryptocurrencies at premium prices. Moreover, additional security and user-friendliness associated with the recently developed machines are increasing the product demand. The one-way machines are increasingly being deployed in the retail stores, restaurants, bars, general stores, and fuel stations to promote the usage of digital currencies.
The display segment in the crypto ATM market has experienced a high demand due to its essential functionality in such machines. The displays offer user-friendly and cost-associated benefits to the manufacturers such as keyboard installation and extra-fitting prices. The ATM printers are expected to be dominant in the crypto ATM market as they offer enhanced output functionality. These components provide printing and dispensing transaction receipts, mainly by using the QR codes. The printing devices perform QR scanning functions that eliminate the need to deploy more components, reducing the retailer expenses.
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Companies operating in the crypto ATM market are Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, and Coinsource. Companies develop low-power consuming devices that further help in reducing the overall electricity costs. For instance, in April 2018, Nuo announced the launch of its first cryptocurrency bank branch and crypto ATM in Singapore. The crypto ATM market comprises software developers that have recently focused on launching software that facilitates bitcoin availability through ATMs. For instance, in August 2018, Virtual Crypto Technology announced the development of its software that offers the purchase and sale of cryptocurrency through conventional ATMs across the globe. The new software will facilitate easy conversion of cash into digital currency and vice versa.
Market share calculation in this report is not done based on companies covered in it. The calculation of Crypto ATM market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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