The global crypto ATM market is poised for major growth over the next decade, according to a new report by Research and Markets.
The sector, which reached $87.35 million in 2023, is forecast to expand at a compound annual growth rate (CAGR) of 45.7% to reach $2.58 billion by 2032.
Crypto awareness is fueling adoption
The increasing global adoption of cryptocurrencies like Bitcoin, Ethereum, and Litecoin is fueling major growth in the crypto ATM sector. These ATMs provide users with a convenient method to purchase or sell cryptocurrencies using cash or debit cards.
The rising demand for user-friendly crypto exchange solutions has emerged as a key market driver, according to the report.
Crypto ATMs offer an accessible entry point for individuals to participate in the cryptocurrency market without requiring a bank account or online exchange platform.
This accessibility has proven particularly valuable for unbanked and underbanked populations. As per the report, this has expanded cryptocurrency access to previously underserved communities.
Crypto ATM installation seen across malls and stores
The retail sector has emerged as a key adopter of crypto ATMs, with installations expanding across malls, convenience stores, and gas stations.
The travel and hospitality industry has also recognized the potential of these machines.
Financial services integration continues to rise, with crypto ATMs being incorporated into money transfer services and traditional banking operations.
The competitive crypto ATM features several prominent players, including Genesis Coin Inc., GENERAL BYTES s.r.o., Byte Federal, Inc., and Lamassu Industries AG.
These companies are actively participating in mergers, acquisitions, and technological innovations to maintain their market positions.
The report highlights that continued market expansion will be driven by increasing cryptocurrency awareness, lower transaction fees, and the growing use of digital currencies for remittances, investments, and online purchases. A
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