• John Watson

Global Crypto ATM Market Size to grow by US$ 873.5 Mn in 2030.

The global crypto ATM market was valued at USD 245.3 Mn in 2021. The market is projected to grow USD 873.5 Mn in 2030, at a CAGR of 54.2%.


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The growing usage of smartphones is one of the main driver accentuating the rise of the crypto ATM market. Smartphones make it simple for users of crypto-currencies to benefit from the advantages of crypto ATMs. For instance, Coin Dance, a source of information on cryptocurrencies, reported that in March 2021, 34.45% of individuals worldwide utilised smartphones to purchase and trade bitcoin. However, 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.


Number of commercial space owners are aggressively attempting to offer cryptocurrency ATM services to their clients. For instance, the Bitcoin ATM software developer LibertyX and ATM operator BluePoint ATM announced a cooperation with Blue Ridge Bank in Charlottesville, in the U.S. state of Virginia, in February 2021. Due to the partnership, Blue Ridge Bank clients will soon be able to exchange and purchase bitcoin at the bank's 19 ATMs.


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Businesses switching to cryptocurrency to satisfy growing consumer demand, governments throughout the world are concentrating more on establishing crypto ATMs. Key participants in the market can expect new opportunities as a result of the rise in collaborations between crypto ATM providers and governmental organisations aimed at strengthening and expanding the crypto ATM network globally. Additionally, it is anticipated that a growing emphasis on reducing the scope of cyber threats, enhancing compliance, and strengthening the verification attribute of bitcoin ATMs would create new opportunities for large firms and propel market expansion.


New products being launched by various firms to include improved security features in their crypto ATMs and guarantee protected transactions for clients are also anticipated to offer up new chances for the market's growth. In order to achieve this goal, facial recognition and biometric technologies are being added to crypto ATMs to give users two-layer security when transacting. To aid in confirming the users' identities, time stamp and QR code functions are also being added to crypto ATMs. The suppliers of crypto ATM services are similarly committed to guaranteeing strict adherence to the Know Your Customer and anti-money laundering regulations.


NA, presence of well-known market players including Bitcoin Depot, Coin Cloud, and CoinFlip. In addition, the installation of cryptocurrency ATMs in public spaces is rapidly gaining popularity in North America, particularly in the United States. For instance, the City of Williston in the U.S. state of North Dakota stated in November 2021 that a cryptocurrency ATM would be installed at the Williston International Airport. Passengers could purchase and sell virtual currency at the airport thanks to the crypto ATM.


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KEY INDUSTRY DEVELOPMENTS:


July 2022- Kurant has setup the bitcoin machine in a bank at the Volksbank Raiffeisenbank Bayern Mitte eG.


April 2022- General Bytes has launched BATMTwoUltra with the new feature configuring the ATM for bidirectional (cash to crypto, crypto to cash) operations.


March 2022- Bitcovault has made a partnership with SECURECASH enabling Bitcoin Operators with Unlimited Cash to crypto services globally.


February 2022- Byte Federal has donated around $ 4.1 Mn bitcoins to support Ukraine providing humanitarian assistance.


April 2021- RockitCoin has installed 1000+ crypto ATM across the world.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/crypto-atm-market/26011

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