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Crypto ATM Market Size

Report ID: GMI2944
Published Date: Apr 2022
Report Format: PDF

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Crypto ATM Market Size

Crypto ATM Market size exceeded USD 250 million in 2021 and is projected to expand at over 50% CAGR from 2022 to 2028.

A crypto ATM is a terminal that allows buying or selling of currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others with the help of bank cards, payment gateways, and cash. In this process, ATMs/kiosks relate to the crypto network and allow consumers to buy crypto tokens by depositing cash. Every transaction is automatically documented by a receipt produced by the crypto ATM. A crypto ATM may ask to scan a government ID proof or can ask the mobile number to send a text verification code before completing the transaction.

Crypto ATM Market

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The market is witnessing a rise in public awareness about cryptocurrencies, supporting the usage of crypto ATMs from individual bitcoin miners to investors. Cryptocurrency transaction platforms are being offered by digital payment service providers, encouraging market players to design robust products. For instance, in March 2021, PayPal Holdings, Inc. introduced Checkout with Crypto, a new service that significantly improves cryptocurrency usage. Checkout with Crypto allows users to check out safely and easily by converting existing cryptocurrency assets to cash at checkout with the assurance of value and no extra transaction fees. This, in turn, is acting as a growth inducer and helping the crypto ATM market grow at a substantial rate as various financial service providers are including bitcoin services in their portfolios.

Crypto ATM Market Report Attributes
Report Attribute	Details
Base Year:	2021
Crypto ATM Market Size in 2021:	USD 250 million
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	50%
2028 Value Projection:	USD 4.5 billion
Historical Data for:	2018 to 2021
No. of Pages:	250
Tables, Charts & Figures:	295
Segments covered:	Component, Coin Type, Type, and Region
Growth Drivers:	The increasing demand for cryptocurrency mining in North America Government initiatives to support cryptocurrency adoption in Europe Proliferation of smartphones and the rollout of 5G technology in Asia Pacific Growing adoption of digital assets in the MEA Digitalization in the Latin America banking sector
Pitfalls & Challenges:	High usage fee and non-refundable transactions Security concerns and ATM frauds

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The COVID-19 pandemic had a moderate impact on the crypto ATM industry in FY2020. The market experienced a slight downfall in 2020 as the pandemic led various governments to enforce stringent containment measures, region-wide lockdowns, large-scale movement restrictions, social distancing, and a quarantine period, however, witnessed a rise in the first quarter of 2021 as crypto ATMs enabled customers to transfer and receive cryptocurrencies online without any physical contact. Crypto ATM manufacturers are increasingly creating a safer environment for cash-to-cryptocurrency, which will drive the industry demand in FY 2022.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of crypto ATM exceeded USD 250 million in 2021 and is anticipated to showcase more than 50% CAGR between 2022 and 2028.

Germany industry size will register over 55% CAGR through 2028 due to the tax benefits offered by the government on cryptocurrency transactions.

The U.S. market size from two-way crypto ATMs will record 50% CAGR through 2028 as these ATMs provide both, the buying and selling options to customers.

Bit Base S.L, Bitcoin Depot, Bitaccess Inc., CoinFlip, Coin Cloud, and Coinme, among several others, are the main participants in this market.