Crypto ATMs Set to Dominate Market Within 5 Years
The rapid adoption of cryptos has been cited as the main reason for the growth with two-way ATMs expected to be dominant.
Crypto ATM Business to Grow Rapidly
A new study has concluded that the cryptocurrency ATM value will increase from the current $16.3 to $144.5 in a span of five years. The figures represent a 54.7% growth. The projection is contained in the Crypto ATM Market Type research conducted in North America, Asia and Europe.
The growth will be fueled by the increasing number of firms accepting cryptos as payments hence an increase in ATM. It emerged that the two-way ATMs hold the highest potential for growth in future. The ATM’s feature of double functionality where users can buy and sell cryptos has been hailed as a magnet for attracting more users. However, at the moment, concentration is on the one-way ATMs.
The ATM business will be dominated by display segment in the next five years. The feature is considered to be user-friendly to many ATM users since they are cost effective and don't need additional fittings. The study noted that such features will propel the rapid growth of this particular of the display.
North America To Dominate the Industry
Despite the recent slump, the study concluded that North America will keep dominating the industry since it had higher demands. Additionally, America has more innovations in the sector due to the emergence of ATM hardware suppliers. The region has software developers due to a friendly environment. Growth will also be witnessed in Mexico after authorities termed bitcoin as a legit currency and went ahead to set in place Fintech law for regulation purposes. Canada is already establishing itself as a blockchain magnet in the region.
America’s dominance will also be backed by the existence of many crypto ATM players in the region.
Data from Coinatmradar indicate that we have over3000 ATMs around the globe with a big chunk serving bitcoin. Bitcoin holds 99.9%. Another 56.7 of the ATMs permit exchange in altcoins such as bitcoin. Most of the ATMs are hosted in North America at 73 %. America has approximately 2000 ATMs.