New York, United States , Nov. 09, 2022 (GLOBE NEWSWIRE) -- The Global Crypto ATM Market Size was valued at USD 245.3 Million in 2021 and is expected to reach USD 820.14 Million by 2030, growing at a CAGR of 54.2% during 2021-2030. According to the new research study published by Spherical Insights & Consulting. The growing usage of smartphones is one of the main drivers accentuating the rise of the crypto ATM market. Smartphones make it simple for users of crypto-currencies to benefit from the advantages of crypto ATMs. For instance, Coin Dance, a source of information on cryptocurrencies, reported that in March 2021, 34.45% of individuals worldwide utilized smartphones to purchase and trade bitcoin. However, the software helps in ensuring seamless connectivity between the crypto ATM and the cloud. As a result, crypto ATM providers can have full control over their customers' wallets and accounts. The software also helps crypto ATM providers in ensuring compliance with regulatory requirements.
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Number of commercial space owners are aggressively attempting to offer cryptocurrency ATM services to their clients. For instance, the Bitcoin ATM software developer LibertyX and ATM operator BluePoint ATM announced a cooperation with Blue Ridge Bank in Charlottesville, in the U.S. state of Virginia, in February 2021. Due to the partnership, Blue Ridge Bank clients will soon be able to exchange and purchase bitcoin at the bank's 19 ATMs. Instantaneous transactions made possible by crypto ATMs drive the market's expansion. As soon as cash is placed into the ATM for a buy order, a purchase for the full payment amount is made. Additionally, the crypto ATMs enable clients to place sell orders without having to wait several days for funds to arrive if they choose to do so. Additionally, it offers clients simpler trading alternatives and eliminates the need for users to create an account, an online wallet, or deal with lengthy public keys.
Businesses switching to cryptocurrency to satisfy growing consumer demand, governments throughout the world are concentrating more on establishing crypto ATMs. Key participants in the market can expect new opportunities as a result of the rise in collaborations between crypto ATM providers and governmental organizations aimed at strengthening and expanding the crypto ATM network globally. The rise of the cryptocurrency automated teller machine (ATM) market is being driven by an increase in installations. Vendors are making large R&D investments in order to create cutting-edge products and technology. Affordably priced bitcoin ATMs are also being introduced by them to increase their presence.
Browse 76 market data tables and 67 figures spread through 209 pages and in-depth TOC on “Global Crypto ATM Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Solution, Services), By Deployment (On-premise, Cloud-based), By Type (Stock Markets, FOREX, Exchange-Traded Fund (ETF), Bonds, Cryptocurrencies & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents
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For instance, Bitcoin Depot announced in May 2021 the opening of more than 350 additional bitcoin ATMs around the US. As a result, the rising number of new cryptocurrencies will drive ATMs that are being installed the expansion of the cryptocurrency automated teller machine (ATM) industry. Additionally, it is anticipated that a growing emphasis on reducing the scope of cyber threats, enhancing compliance, and strengthening the verification attribute of bitcoin ATMs would create new opportunities for large firms and propel market expansion.
New products being launched by various firms to include improved security features in their crypto ATMs and guarantee protected transactions for clients are also anticipated to offer up new chances for the market's growth. In order to achieve this goal, facial recognition and biometric technologies are being added to crypto ATMs to give users two-layer security when transacting. To aid in confirming the users' identities, time stamp and QR code functions are also being added to crypto ATMs. The suppliers of crypto ATM services are similarly committed to guaranteeing strict adherence to the Know Your Customer and anti-money laundering regulations.
NA, presence of well-known market players including Bitcoin Depot, Coin Cloud, and CoinFlip. In addition, the installation of cryptocurrency ATMs in public spaces is rapidly gaining popularity in North America, particularly in the United States. For instance, the City of Williston in the U.S. state of North Dakota stated in November 2021 that a cryptocurrency ATM would be installed at the Williston International Airport. Passengers could purchase and sell virtual currency at the airport thanks to the crypto ATM.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Bitaccess Inc., BITCOIN DEPOT, Bitcovault, Bitstop, Byte Federal, Inc., Cash Cloud Inc, ChainBytes LLC Coinsource, Covault, LLC, DigitalMint, GENERAL BYTES s.r.o., Genesis Coin Inc., Kurant GmbH, Lamassu Industries AG, RockitCoin, Soft-logic Co and Others 20+ prominent key players we have covered in the final report.
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