Global Crypto ATM Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Global Crypto ATM Market Outlook

The global crypto ATM market size reached approximately USD 87.35 million in 2023. The market is projected to grow at a CAGR of 45.7% between 2024 and 2032, reaching a value of around USD 2,584.55 million by 2032.

Key Takeaways

• Cryptocurrency ATMs offer a variety of services such as biometric authentication and multi-currency support.

• Some cryptocurrency ATM operators are exploring partnerships and integrations with traditional banking systems.

• North America occupies a substantial share in the crypto ATM market due to the rising technological efforts by market players.

Crypto ATM is an internet-connected kiosk that offers the provision of exchanging cash for cryptocurrencies such as Bitcoin or Ethereum, among others. This ATM provides users the facility to scan the QR code corresponding to their crypto wallet for the transfer of crypto coins.

The growing diversification of cryptocurrencies is one of the key factors driving the crypto ATM market growth. Manufacturers are offering cryptocurrencies beyond Bitcoin, Dogecoin, and Ethereum for sale at these ATMs to aid users in mitigating investment risks. Several traditional ATMs now offer the feature of purchasing cryptocurrencies such as Bitcoin and Ethereum, which also provides impetus to the market growth. Two-way crypto ATMs that offer both buy and sell functionality are also gaining robust popularity among users as they provide the facility of acquisition and liquidation of crypto coins in one place, enhancing user convenience. Market players are adopting strategic measures such as partnerships and collaborations to enhance their crypto ATM offerings by extending the range of digital currencies available at their ATMs.

Key Trends and Developments

Diversification of cryptocurrencies; enhanced security features; mobile app integration; and user-friendly interfaces are the major trends impacting the crypto ATM market expansion

July, 2023

Genesis Coin, a provider of Bitcoin ATM software, announced that it has purchased 5,700 cryptocurrency ATMs from CoinCloud.

September, 2023

Bitbuy announced that it has formed a strategic partnership with the Canadian cryptocurrency ATM company Localcoin.

March, 2024

Coinme, a prominent cryptocurrency cash exchange in the United States, announced the inclusion of more than 9,700 physical Bitcoin ATM locations on the Bitcoin.com site and map finder.

March, 2024

Bullet Blockchain Inc., a software development company, announced that it has installed 10 Bitcoin ATMs in Georgia.

Diversification of cryptocurrencies

There is a growing trend toward ATMs that support multiple cryptocurrencies, including Ethereum, Litecoin, Bitcoin Cash, and others, aiding the crypto ATM market development.

Enhanced security features

As security concerns remain a top priority, crypto ATM manufacturers are continuously improving security features, such as biometric authentication and advanced encryption.

Mobile app integration

There is a trend toward integrating crypto ATMs with mobile apps, allowing users to manage their transactions and locate nearby ATMs.

User-friendly interfaces

Crypto ATM manufacturers are focusing on developing user-friendly interfaces and simplifying the transaction process.

Crypto ATM Market Trends

Cryptocurrency users have diverse preferences and may hold a variety of digital currencies. ATMs that support multiple cryptocurrencies cater to a broader user base, allowing individuals to conduct transactions with their preferred coins. Multi-cryptocurrency ATMs provide users with a one-stop solution for buying and selling different types of cryptocurrencies and this convenience is especially appealing for users who engage in trading or investing in multiple digital currencies.

Players in the crypto ATM market are expanding their ATMs to enhance their market outreach. For instance, Coinme announced the inclusion of over 9,700 physical Bitcoin ATM locations on the Bitcoin.com site and map finder in March 2024. This move could help drive further adoption of cryptocurrencies by making them more accessible to the general public.

Market Segmentation

“Crypto ATM Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Hardware

• Software

Market Breakup by Type

• One Way

• Two Way

Market Breakup by Coin Type

• Bitcoin

• Dogecoin

• Ethereum

• Litecoin

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

One way ATMs account for a major crypto ATM market share due to their cost-effectiveness and widespread availability

One way ATMs occupy a substantial market share. One-way ATMs allow users to buy cryptocurrencies using fiat currency, but they do not support reverse transactions (i.e., selling cryptocurrencies for fiat currency). One-way ATMs are simpler in design and operation, which often makes them cheaper to install and maintain. Due to their lower cost and simpler functionality, one-way ATMs have gained popularity among customers.

Two-way ATMs are anticipated to gain a sizeable growth in the coming years. These ATMs offer both functionalities where users can buy cryptocurrencies using fiat currency and also sell cryptocurrencies for fiat currency. Two-way ATMs provide greater flexibility and convenience for users, but they are more complex and expensive to install and operate.

Bitcoin maintains its dominance in the market due to its high-end security features

Bitcoin occupies a significant portion of the crypto ATM market share due to its widespread usage as a digital payment method across the world. As its excellent security and protection feature makes it a viable investment option for users, financial service providers are integrating Bitcoin facilities into their service portfolio.

Meanwhile, Litecoin is anticipated to witness sizeable growth in the forecast period as it can handle a high volume of transactions compared to Bitcoin. Ethereum is also expected to gain a substantial rate in the crypto ATM market in the forecast period. Ethereum is widely recognised and used, especially for its smart contract capabilities. Many crypto ATMs that support multiple cryptocurrencies include Ethereum due to its popularity and demand among users.

Competitive Landscape

The market players are innovating by offering additional services beyond simple buy/sell transactions, such as crypto-to-crypto exchanges

Genesis Coin Inc., incorporated in 2013, is an autonomous provider of Bitcoin ATMs and offers superior quality ATMs with features such as high-definition cameras, and EMV card readers, among others.

GENERAL BYTES s.r.o. is one of the major manufacturers of crypto ATMs, founded in 2013 and headquartered in Prague, Czech Republic, and Bradenton, Florida, the United States.

Byte Federal, Inc., established in 2016, is a Bitcoin ATM provider, with its headquarters in Florida, the United States. The company also offers ByteWallet for management of crypto transactions and ByteConnect

AtmMachines.com, LLC is a leading provider of ATM solutions for businesses across various industrial sectors with a focus on delivering reliable and efficient ATM services.

Other market players include Lamassu Industries AG, Bitaccess Inc., Cambio Finance, CoinSolution, and ATM OPS LLC., among others.

Crypto ATM Market Analysis by Region

North America accounts for a substantial share of the global market due to the extensive network of cryptocurrency users in the region. The surge in the deployment of crypto ATMs in public places such as airports, gas stations, and malls also supports the market. Efforts by market players to enhance the functionalities of their ATMs and gain a competitive edge further provide lucrative opportunities for market expansion. Simultaneously, the Asia Pacific is expected to register itself as a fast-growing market due to the proliferation of digital currencies in countries like China and India, among others.

The demand for cryptocurrency ATMs (Automated Teller Machines) in the Asia Pacific region has grown rapidly. The region has witnessed a significant increase in cryptocurrency adoption, driven by factors such as rapid digitalisation, increasing internet penetration, and a young, tech-savvy population.

Key Highlights of the Report