The global crypto ATM market, which is currently worth £55 million, is expected to reach £1.38 billion by 2028 as demand for on-the-move conversion between digital and fiat currencies increases.
US consulting firm Grand View Research’s new study, the “Crypto ATM Market Size, Share & Trends Report”, forecasts a compound annual growth rate (CAGR) for the market of 59.2% from 2022 to 2028.
Last year, crypto ATM numbers increased substantially and their global distribution became more widespread. In January 2021, there was just over 14,000 ATMs worldwide with installations reaching 50 per day by July.
As the global number of crypto owners grows from its current 300 million, the report forecasts the desire for greater utility in daily life, as offered by ATMs, will increase.
The report reads: “Crypto ATMs offer several benefits to cryptocurrency users. They provide cryptocurrency users with easier trading options. Crypto ATMs automatically generate the receipt for transactions, and these receipts contain both private keys and public keys in the form of QR codes.”
One factor accentuating the growth of the market is the efforts of various governments to deploy crypto ATMs. For instance, in September 2021, EI Salvador installed over 200 crypto ATMs after accepting bitcoin as a legal tender.
The restaurant and hospitality industries dominated the market in 2021 in a bid to meet the changing needs of customers.
Retailers are also dipping their toes into partnerships with crypto ATM companies. In October 2021, Walmart partnered with Coinstar and Coinme to install Bitcoin ATMs at select US stores.
Since then, the retail giant has begun exploring its own cryptocurrency and NFT collection.
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