Major crypto ATM market players include Bitcoin Depot, Bitstop, Byte Federal, Inc., Coin Cloud, CoinFlip, Coinme, Coinsource, GENERAL BYTES s.r.o., Genesis Coin Inc., and others.
Selbyville, Delaware, May 16, 2022 (GLOBE NEWSWIRE) --
The crypto ATM market size is expected to record a valuation of USD 4.5 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth can be attributed to growing government permits to use cryptocurrencies in regions including North America and Europe.
The demand for printers used in crypto ATMs is increasing globally as they offer enhanced output functionality. It allows the printing and distribution of transaction receipts, mostly using QR codes. For customers without a wallet, the machine prints a paper wallet at the end of the process or before the purchase. This normally contains a public key (at the top) and a private key (at the bottom). Sweeping the bitcoins from a printed private key helps to import the key that enables the customers to use their wallets to handle them. A paper wallet is a secure way to protect bitcoins from cyber-attacks and malware as it is only shared with the user to import cryptocurrency into a digital wallet.
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The demand for two-way crypto ATMs is increasing due to the growing emphasis on undertaking financial transactions at ease. These ATMs allow users to buy and sell bitcoin using cash. This ATM is more convenient than online exchanges as linking consumer banking information is not required, thus offering high data integrity. The paper wallet generated by two-way crypto ATMs gives consumers the option of retaining their bitcoin offline on a physical wallet or transferring it to an online wallet. Two-way ATMs offer additional security through two-factor authentication of cryptocurrency transactions. The users need to confirm the phone number through an SMS code, followed by biometric identification.
The display segment in the crypto ATM market is growing as it offers an interactive interface, which enables the users with minimal technical knowledge to carry out transactions efficiently. The display provides the optimum price of the purchase based on the current exchange rate, which the ATM obtains in real-time from the internet. Crypto ATM provides easier trading options and users do not need to set up an account & online wallet.
Europe crypto ATM market share is increasing owing to the increasing number of individuals adopting cryptocurrencies with electronic devices. The growing penetration of smartphones is spurring the industry growth as it allows cryptocurrency users to seamlessly leverage the capabilities of crypto ATMs. According to the GSMA, 472 million Europeans (86% of the population) were subscribers to mobile services in 2020. Various countries including France, Germany, and Spain are supporting the crypto ATM market development on account of the presence of leading smartphone providers including Apple and Samsung.
Major participants operating in the crypto ATM market are Bit Base S.L, Bitaccess Inc., Bitcoin Depot, Bitstop, Byte Federal, Inc., Coin Cloud, CoinFlip, Coinme, Coinsource, GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Localcoin, National Bitcoin ATM, Orderbob (ServiceBob), and RockitCoin.
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Some major findings of the crypto ATM market report are:
- The integration of biometric technologies will help the industry to grow as it provides enhanced security and safer digital payment & conversion functions to the users.
- The high amount of bitcoin transactions and acceptability as a payment method are driving the market demand.
- The increased demand for crypto ATMs is being driven by the need for more security and flexibility in cryptocurrency transactions. It has a strong encryption technique that allows safe and automated buying & selling operations. Advanced algorithms offering performance capabilities and enhanced security are fueling the demand for crypto ATMs.
- The crypto ATM market is experiencing high demand for one-way crypto ATMs as they enable the users to purchase various digital currencies, such as Bitcoin Cash, Ethereum, and Litecoin, from a single machine. It removes the possibility of fraud owing to the lack of a third party in these transactions. These machines protect individual privacy by not disclosing wallet information to other users, thereby promoting the market growth.
Table of Contents (ToC) of the report
Chapter 3 Crypto ATM Market Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Impact of Ukraine-Russia war
3.4 Industry ecosystem analysis
3.4.1 Raw material suppliers
3.4.2 Component suppliers
3.4.3 Technology/software providers
3.4.4 Manufacturers
3.4.5 System integrators
3.4.6 Financial companies
3.4.7 Distribution channel analysis
3.4.8 Vendor matrix
3.5 Technology & innovation landscape
3.6 Investment landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 The increasing demand for cryptocurrency mining in North America
3.8.1.2 Government initiatives to support cryptocurrency adoption in Europe
3.8.1.4 Digitalization in the Latin America banking sector
3.8.1.5 Growing adoption of digital assets in the MEA
3.8.2 Industry pitfalls & challenges
3.8.2.1 High usage fee and non-refundable transactions
3.8.2.2 Security concerns and ATM frauds
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/crypto-atm-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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