In this report, the crypto ATM market has been segmented into type, ATM hardware, and geography. The overall crypto ATM market is expected to be valued at USD 144.5 million by 2023, growing at a CAGR of 54.7% from 2018 to 2023. Growing fund transfers in developing countries and increasing installations of crypto ATMs in restaurants, bars, general stores, and gas stations are among the factors driving the growth of the crypto ATM market.
A crypto ATM is an internet-connected system that enables the exchange of cryptocurrency and fiat currencies. A few crypto ATMs offer bi-directional functionality enabling both the purchase of cryptocurrency and the repossession of cryptocurrency for cash. 1-way ATMs are more like traditional ATMs that are used for cash withdrawals. Crypto ATMs can deposit cryptocurrency in exchange for cash or vice versa. 1-way ATMs can be used to perform only 1 function at a terminal—either deposit cash to receive cryptocurrencies or deposit cryptocurrencies to receive cash. 2-way crypto ATMs allow users to deposit cash in exchange for cryptocurrencies and deposit cryptocurrencies in exchange for cash from the same terminal. These ATMs are chiefly installed in North America. GENERAL BYTES (Czech Republic), Genesis Coin (US), Lamassu (UK), COVAULT (US), and Bitaccess (Canada) are a few major players contributing to the growth of the crypto ATM market by continuously launching innovative products in the market.
Among all crypto ATM types, the market for 2-way crypto ATM is likely to grow at the higher CAGR during the forecast period owing to their dual functionality of cryptocurrency trading. A 2-way crypto ATM offers multiple options for trading. In a 2-way ATM, a user can buy cryptocurrencies and also sell them using a single machine. However, 2-way ATMs have not yet dominated the crypto transaction market as people are more focused toward 1-way ATMs.
Among all ATM hardware, the crypto ATM market for ATM printers is expected to grow at the highest CAGR during the forecast period owing to its functionality of providing public and private keys on printed receipts. ATM printer in the crypto ATM is an output component. It can dispense receipts as per the ATM application. It is mainly used for printing QR codes. It generates a receipt for every transaction; these receipts contain public and private keys in the form of QR codes.
Among all regions, the crypto ATM market in APAC is expected to grow at the highest CAGR during the forecast period. In APAC, Australia currently has ~48 crypto ATMs. With the growing awareness about cryptocurrency in Australia, people are increasingly accepting it as a mode of payment, especially for small contracts, salary, and donation.