Crypto ATM Market: Current Analysis and Forecast (2023-2030)

A crypto ATM is a machine that allows users to buy or sell cryptocurrencies using cash or credit/debit cards. These ATMs function similarly to traditional ATMs, but instead of dispensing physical currency, they handle digital transactions involving cryptocurrencies like Bitcoin, Ethereum, and others. Users can interact with the crypto ATM to purchase or sell cryptocurrencies and receive corresponding digital assets in their wallets.

The Crypto ATM Market was valued at 5.7 billion in 2022 and is expected to grow at a steady rate of around 58.3% in the forecasted period (2023-2030) owing to the growing awareness about bitcoin for payment worldwide. Also, the growing demand for cryptocurrencies and the increase in the number of crypto adopters fueling the demand in this market. For instance, according to information from Coin ATM Radar, initially reported by Bitcoin.com, the count of cryptocurrency ATMs worldwide exceeded 39,000 during the initial week of August 2022.

Based on the offerings, the market is bifurcated into hardware and software. Among these, the hardware segment is leading the maximum share of the market as cryptocurrencies gain more mainstream acceptance, and there's a growing demand for accessible and user-friendly ways to buy and sell them. Crypto ATMs provide a tangible and familiar interface for users. Also, some users prefer the privacy and security offered by physical crypto ATMs over online exchanges which is further accelerating the demand of this segment.

Based on the type, the market is bifurcated one way and two way. Among both, the two way segment is making a huge impact on the market as two way ATMs offer a more comprehensive service, allowing users to both acquire and liquidate their cryptocurrencies in a single location. This convenience appeals to individuals looking for an all-in-one solution.

Based on coins, the market is segmented into coin, bitcoin, litecoin, Ethereum, dogecoin, bitcoin cash, dash, tether, and others. Among these, the bitcoin segment is leading the market. Bitcoin is the first and most well-known cryptocurrency, which gives it a significant advantage in terms of brand recognition. As a result, many crypto ATMs primarily offer Bitcoin purchasing and selling options. Also, bitcoin's dominance has led to more partnerships and collaborations with businesses, including ATM operators. Many ATM operators prioritize offering Bitcoin due to user demand. For instance, in May 2023, Coinhub, a company offering both a bitcoin platform and cryptocurrency ATMs, has collaborated with CHB Holdings LLC to introduce the Coinhub Bitcoin Wallet.

For a better understanding of the market adoption of the crypto ATMs, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is estimated to hold a significant CAGR during the forecast period. North America has been an early adopter of cryptocurrencies, with a significant number of tech-savvy users and a vibrant fintech ecosystem. This has led to a higher demand for accessible and convenient ways to buy and sell cryptocurrencies, which crypto ATMs provide. Also, regulatory frameworks in North America have become more accommodating towards cryptocurrencies, providing a clear legal framework for the operation of crypto ATMs. This regulatory clarity has encouraged businesses to invest in and expand their crypto ATM networks, as they can operate with a greater degree of certainty and compliance. Geographical distribution data indicates that North America holds a significant majority, accounting for 95.1% of the total global count of crypto ATMs, totaling 37,081 devices. Among these, the United States takes the lead, commanding a substantial 87.9% share of all crypto ATMs worldwide, boasting a count of 34,299 machines.

Some of the major players operating in the market include: GENERAL BYTES s.r.o., Genesis Coin Inc., Bitaccess, CoinDesk, Bitstop, Byte Federal, Inc., Cambio.finance., Lamassu Industries AG, LLC dba LightningXchange., ChainBytes LLC.