Researchandmarkets.com has released a new report, “Crypto ATM – Global Market Outlook (2019-2027)”
Global Crypto ATM Market accounted for $18.35 million in 2019 and is expected to reach $542.52 million by 2027, growing at a compound annual growth rate of 52.7% during the forecast period.
Some of the key factors propelling the growth of the market are fluctuations in monetary regulations, increasing fund transfers in developing economies, and rise in the number of installations of crypto ATMs. However, stringent government regulations that prohibit the usage of cryptocurrency in various countries are the restraining factor for the growth of the market.
Cryptocurrency is the digital or virtual money in the form of tokens or coins. An Internet-connected kiosk allows customers to purchase bitcoins with deposited cash. A crypto ATM is not the same as an ATM backed by a traditional financial institution or bank. Cryptocurrencies are designed to decentralized and provide peer-to-peer transactions.
By type, the two-way segment is expected to grow at a significant market share during the forecast period owing to its provision of both, buying and selling functions with additional security and user-friendliness. Based on geography, North America is anticipated to hold considerable market share during the forecast period which is attributed to the lesser legal barriers and the presence of software & hardware providers and integrators.
Some of the key players in Crypto ATM Market include General bytes S.R.O., Covault, Mainstreet Automaten GmbH (Orderbob), bitaccess Inc., Genesis Coin, Coinme, RusBit Ltd., bitxatm, Coinsource, and Lamassu.
What Are the Advantages of Using a Bitcoin ATM Machine?
A Bitcoin ATM is basically a kiosk that enables a user to buy or sell currency by using either a debit card or credit card. These ATM’s are capable of all major brands of debit and credit cards. Some companies like MoneyGram and FXCM have launched their own ATMs which accept both debit and credit cards. These ATMs provide all the functionalities of any traditional ATM machine like a teller, a key pad or an LCD screen but with the added capabilities of accepting major currencies.
There are also some companies that have launched their own version of a bitcoin ATM called a bitcoin ATM station. This is basically an upgrade of the existing ATM which enables users to make transactions in a more convenient manner and usually operates with the support of the manufacturer.