Press release
Cryptocurrency Atms Industry is Expected to Reach USD 7852.36 million by 2032 -Genesis Coin, Skyhook, Bit Access, General Bytes, BTC facil, Lamassu, Bitstop, BitXatm, Covault, LocalBitcoins, Coinsource
Global crypto ATM market was valued at USD 100.99 million in 2021, and it is expected to reach a value of USD 7852.36 million by 2032, at a CAGR of more than 54.12 % over the forecast period (2022-2032)Over 39,540 Crypto ATMs are Present Across the Globe and the Number is Expanding at Staggering CAGR of 55.49%
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.
Key Players in the Cryptocurrency Atms market:
Genesis Coin, Skyhook, Bit Access, General Bytes, BTC facil, Lamassu, Bitstop, BitXatm, Covault, LocalBitcoins, Coinsource
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Offering Insights
The hardware segment dominated the market in 2021 and accounted for a revenue share of over 78.0%. Crypto ATM manufacturers require different types of hardware components to manufacture crypto ATMs. These hardware components typically include ATM stands, door switches, cash dispensers, extension boxes, cash recyclers, and cash boxes, among others. Hardware components can differ based on the type of crypto ATM being manufactured.
The software segment is expected to register the fastest CAGR over the forecast period. The software helps in ensuring seamless connectivity between the crypto ATM and the cloud. As a result, crypto ATM providers can have full control over their customers' wallets and accounts. The software also helps crypto ATM providers in ensuring compliance with regulatory requirements.
Cryptocurrency Atms Market Types:
One-way, Two-way.
Cryptocurrency Atms Market Applications:
Bitcoin, Litecoin, Dash, Ethereum, Dogecoin, Other
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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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The demand for 2-way crypto ATMs is growing due to its multifunctionality features. A 2-way crypto ATM offers multiple options for cryptocurrencies and fiat currencies trading. In a 2-way ATM, a user can buy cryptocurrencies and also sell them using a single machine. These ATMs are chiefly installed in North America. Crypto ATM is significantly used by cryptocurrency investors; therefore, the market for 2-way crypto ATM is expected to grow at a significant CAGR during the forecast period.
The market for ATM printers in the market is expected to grow at the highest CAGR from 2018 to 2023 owing to its functionality of providing public and private keys on printed receipts. ATM printer in a crypto ATM is an output component. It can dispense receipts as per the ATM application. It is mainly used for printing QR codes. It generates a receipt for every transaction; these receipts contain public and private keys in the form of QR codes.
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Regional Insights
North America dominated the market for crypto ATM in 2021 and accounted for a revenue share of over 45.0%. North America is home to several prominent market players, such as Bitcoin Depot, Coin Cloud, and CoinFlip. Besides, the deployment of crypto ATMs in public places is gaining significant traction in North America, particularly in the U.S. For instance, in November 2021, the City of Williston in the U.S. state of North Dakota announced the installation of a crypto ATM at the Williston International Airport. The crypto ATM would allow passengers to buy and sell digital currencies at the airport.
The Asia Pacific region is expected to emerge as the fastest-growing regional market over the forecast period. Continued installation of two-way crypto ATMs across Asia Pacific countries, such as the Philippines, is expected to drive the growth of the regional market over the forecast period. The proliferation of smartphones and the continued rollout of 5G technology are also expected to open opportunities for the growth of the regional market. Organizations in the Asia Pacific are widely adopting crypto ATMs for streamlining operations and enhancing customer experiences.
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.
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