According to the report of Vantage Industry Research, the crypto ATM industry is expected to rise at a CAGR of 58.7% during the projected period. In 2021, this market was worth $74.2 million. Per the report:
“The increasing fund transfers specifically in emerging economies are expected to fuel the growth of the crypto ATM market during the forecast period.”
According to the World Bank, remittances to low-and middle-income countries are expected to increase by 7.3 in 2021. When it comes to spending on essentials like education, health, and food, remittances are a lifeline, especially now that economic hardship is on the rise.
As a result, increasing financial transfers are seen as a stepping stone toward more expansion in the crypto ATM business, particularly in emerging markets.
Per the study:
“Crypto ATMs are now seen installed in most of the countries across the globe as businesses are putting a strong emphasis on meeting the changing needs of their customers.”
Because of the existence of significant industry companies like Coin Flip, Bitcoin Depot, and Coin Cloud, as well as the deployment of crypto ATMs in public locations, North America’s dominance in this sector is projected to continue to grow.
Covault, Cryptomat, Coin ATM Radar, Coin source, Bitaccess Inc., Orderbob, and Coin me are among the industry’s other major participants. NCR Corporation, a large business technology company located in Atlanta, announced the purchase of crypto ATM provider LibertyX in August 2021. Customers of NCR Corporation, such as banks, shops, and restaurants, will be able to pay, acquire, and withdraw cryptocurrencies straight through its Bitcoin (BTC) ATM network, thanks to the acquisition.
Read more:
- Dubai-based cafe starts accepting SHIB and other cryptocurrencies
- Singapore crypto ATMs closed in order to comply with new central bank rules
