• Vinisha Joshi, Content Team Lead at Global Market Insights


• 05.12.2022 10:00 am
#crypto

‘Decade-long adoption of cryptocurrency has propelled the growth of crypto ATM installation across various developing as well as developed nations. How these economies are reacting to the growing cryptocurrency adoption is something to look out for.’

• Nearly 1 billion people are expected to use cryptocurrencies worldwide by 2022 end- Crypto.com

• About 22% of the adult American population (nearly 46 million Americans) own a share of Bitcoin- Cointelegraph 

With this expanding adoption of cryptocurrency, people are looking forward to easy and convenient ways of completing crypto transactions. One of the innovative solutions is the installation of crypto ATMs. 

What are crypto Automated Teller Machines? Crypto ATMs are unconnected electronic kiosks that enable users to trade cryptocurrency for cash or with a debit card. According to Coin ATM Radar statistics, there were nearly 14,000 crypto ATMs worldwide in 2021. Meanwhile, the count jumped to 146% in 2022. Some of the prominent benefits of embracing crypto ATMs include ease of use, immediacy, security, no need for customer account, and high flexibility. 

Indeed, the market for crypto ATMs is anticipated to surge beyond USD 4.5 billion over 2022-2028. The growing trend of cryptocurrency worldwide would certainly support the burgeoning adoption of crypto ATMs. Speaking of which, Thailand currently owns the highest share of cryptocurrency, with nearly 20.1% of Thai internet users owning digital currencies. This makes the country a potential hub for crypto ATMs. 

Some of the prominent countries that are making strides in crypto ATM industry lately are:

1. Spain

With nearly 215 crypto ATMs nationwide, Spain has emerged as the 1st European economy to be leading the crypto ATM industry. Statistics from Coin ATM Radar confirm that the country represents about 0.6% of the global crypto ATM installations. 

Ongoing initiatives in terms of mergers, partnerships, and acquisitions in crypto ATM space across the country would open lucrative opportunities for market expansion. For instance, Bitnovo established an alliance with Eurocoin to deploy more than 100 Bitcoin and crypto ATMs nationwide, by 2022 end. This move is expected to put Spain on the podium as the country with the most cryptocurrency ATMs, being the 1st in Europe and 3rd in the world. 

2. India 

‘India recorded over $172 billion transactions in cryptocurrency between July 2021 and June 2022, increasing its rank in crypto adoption.’- Study by Chainanalysis

With more Indians turning to cryptocurrency, driven by mounting awareness regarding digital currency and Bitcoin, the growth in crypto ATMs installation is expected to be unprecedented. Although there are only 2 operational crypto ATMs in the country, crypto companies are vying for developments and opportunities to expand crypto ATM deployment.  

More so, the proliferation of smartphones and surging adoption of 5G technology in India is poised to complement the crypto ATM market landscape through the coming years. 

3. The United States

‘The number of Bitcoin ATMs has increased more than sixfold over the past four years amounting to over 32,000 ATMs installed in the US’- Coin ATM Radar

Bitcoin ownership has grown profusely in the United States. With this, the installation of bitcoin ATMs is popping up across the country. The machines offer a hassle-free and convenient experience for anyone to buy bitcoin, meeting the growing demand in the nation. 

The rising deployment of Bitcoin ATMs across the country is likely to improve the market scenario for crypto ATMs over the forthcoming years. To illustrate, the City of Williston has announced setting up Bitcoin ATM in the airport to boost crypto payment volumes in the city. For the initiative, the City of Williston collaborated with Coin Cloud offering its digital currency machines to the city. 

The road ahead

With cryptocurrency adoption significantly rising worldwide, countries are leaving no stone unturned to enhance knowledge and spread awareness regarding the many benefits of digital currency. Propelled by its prolific progression, people are now turning to easier and more convenient ways of transactions with cryptocurrency, which is undeniably opening new avenues for crypto ATMs. 

Ongoing developments and technological advancements in crypto ATMs would potentially spur industry growth in the coming years, with more investments being introduced by crypto leaders and cryptocurrency market shareholders.