Westford, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) — Crypto trading is booming, and this is not surprising as the number of investors and traders in crypto ATM market continues to grow. Among the many benefits that cryptocurrency trading has to offer, one of the most important is the potential to reduce transaction fees. And this is where crypto ATMs come in as they allow you to convert cash into different cryptos seamlessly.
Crypto ATM growth is driven by a number of factors. Chief among them is the large and rapidly growing crypto market. As bitcoin and other cryptocurrencies continue to grow in value, more people are beginning to explore their options for buying and selling them.
Other factors driving the growth of crypto-ATMs include regulatory uncertainty surrounding cryptocurrencies, which creates an opportunity for providers of these machines to expand into new crypto-ATM markets. In addition, the use of blockchain technology has created opportunities for new applications that can be built using crypto-assets. This includes use cases such as payment platforms and smart contracts. As a result, suppliers of these machines are expanding their operations into new markets in an attempt to capitalize on this growing trend.
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Over 39,000 crypto ATMs are present worldwide and the number is increasing at a staggering CAGR of 45%
As of August 2022, there are more than 39,000 crypto ATMs around the world, with the US and Canada home to over 90% of global crypto accounting for over 34,400 and 2,552 respectively. In fact, over 20,000 ATMs were added on across the global crypto ATM market in just 1 year. The last place to add to 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 such as SGD and USD. Apart from this, Hong Kong has over 148 bitcoin ATMs. India became the latest country to install 2 crypto ATMs in August 2022.
According to the SkyQuest study on the global crypto-ATM market, the operators of these machines say they hope this initiative will lead to increased interest in the underlying blockchain technology and lead more people to explore the potential benefits of cryptocurrency ownership. “We are excited to push the envelope in providing our customers with convenient and affordable access to cryptocurrency,” said Ivan Poon, CEO of Chaintech International Pte Ltd, one of the operators of the crypto-ATM network in Singapore. However, the Singapore government has started cracking down on crypto ATMs and shutting them down since January 2022.
Rapid Fall of Cryptocurrency Market Has Slowed Installation of New Crypto ATM, Says Analyst at SkyQuest
Globally, more than 39,000 crypto ATMs are installed and more than 20,000 of them came in 2021 in the global crypto ATM market. However, since then, only 5,000 new ATMs have been installed by the year 2022, as the cryptocurrency market has undergone a rapid decline, leading to a decline in the number of crypto ATMs installed around the world. According to data from Coinmap, as of January 2022, there were 1,029 crypto ATMs installed globally. However, this number has since dropped significantly, with 4,012 new crypto ATMs being added in the 7 months since.
While there are a few possible reasons for this decline in the number of crypto ATMs being installed, one of the main factors may be the drop in the value of cryptocurrencies. For example, at the time of writing this PR, Bitcoin has eroded over 56% of its valuation in just one year. Since most ATMs require users to deposit fiat currency in order to withdraw cryptocurrencies, an increase or decrease in the value of cryptocurrencies may lead to an overall decrease or increase in the number of installations, respectively, in the crypto ATM market.
Another potential reason for this decline in the number of crypto ATMs is due to increased regulatory scrutiny. Earlier this year, many governments around the world began to take a stricter stance on cryptocurrencies and related activities. This stricter stance may lead to operators in the global crypto-ATM market deciding that it is not worth installing them in certain locations due to the high level of risk involved. For example, Singapore once considered a crypto-friendly country has already started crypto ATM in January 2022. As a result, ATM operators are hesitant to install new machine in the country.
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Crypto ATM operators are struggling to keep up with a surge in demand, and some have even gone bankrupt. In addition, a number of hospitals and casinos have also stopped installing crypto ATMs, as they do not make enough money from them. Its popularity is mainly due to the booming value of cryptocurrencies such as bitcoin and Ethereum. But when the price of cryptocurrencies falls, so does the income 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, founder and CEO of Digital Currency Group, commented on the fall in the value of cryptocurrencies: “The experience of 2018 will help inform future innovation and regulation in this new digital asset class. This was not going to be easy or perfect from day one.”
SkyQuest has published a report on the global crypto-ATM market and provided a detailed analysis of global crypto-ATM installation, growth drivers, threats, opportunities and trends. Apart from this, the report provides deeper insights into the current government regulations, and its impact on ATM operators.
Recent developments in the global crypto-ATM market
- In August 2022, BitBase announced to open a Crypto ATM in Venezuela
- In August 2022, BleepingComputer was attacked by hackers and stole cryptocurrency from customers and transferred the deposits or purchase to their account by exploiting zero-day flaw
- In August 2022, Bitcoin Depot, the world’s largest player in the crypto-ATM market, announced going public through the SPAC deal. The acquisition value was over 885 million dollars
- In August 2022, a crypto ATM was installed in Japan after 4 years
- In August 2022, two crypto ATMs were installed in Delhi and Gugugram, India
- In January 2022, Singapore began closing crypto ATMs
SkyQuest has tracked over 150 recent developments in terms of new launches, new installations, acquisitions and government regulations. Additionally, the report provides a detailed analysis of its impact on the global crypto ATM market by value and volume.
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Top Players in the Global Crypto ATM Market
- General Bytes (Czech Republic)
- Genesis Coin (USA)
- Lamassu (UK)
- COVAULT (USA)
- Bitaccess (Canada)
- Coinme (USA)
- Coinsource (USA)
- Bitxatm (German)
- Orderbob (Austria)
- RUSbit (Russia)
- Bitcoin Depot (US)
- Bitstop (USA)
- Cash Cloud, Inc (USA)
Related reports in SkyQuest’s library:
Global market for crypto wallets
Global cryptocurrency market
Global market for 3D mapping and modeling
Global accounting software market
Global Smart Manufacturing Market
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