Global Crypto Automated Teller Machine Market – Introduction
- Crypto automated teller machine (ATM) are kiosks that enable a user to exchange their crypto-currency for cash. Users can easily withdraw currencies such as EUR or USD from their respective bank account or debit/credit card through a crypto automated teller machine (ATMs).
- Crypto ATMs work like a stationary exchange where a user can incognito exchange selected crypto-currencies such as Bitcoin. Crypto automated teller machines are categorized into two types: one way (user can only buy crypto-currencies), and two way (also offers the option to buy and sell crypto-currencies directly).
Increasing government initiatives for adoption of crypto-currency driving the global crypto automated teller machine market
- Growing adoption of crypto-currencies have compelled numerous governments specifically in the developed region to implement it in various public services. In July 2017, South African Reserve Bank (SARB) announced plans to test various crypto-currencies including Bitcoin and set up a regulating framework pertaining to it with the help of Bankymoon, a Sandton, and South Africa based blockchain solutions provider. Bankymoon partners with SARB and conducts numerous seminars and workshops about crypto-currencies and its use cases for South Africans. Similarly, in August 2017, Canadian Securities Administrators (CSA) under the Canadian government published a notice on crypto currency offerings, including crypto-currency exchange trading, crypto-currency investment funds, initial token offerings (ITOs), and initial coin offerings (ICOs).
- In emerging nations, adoption of crypto-currencies is significant due to various positive government efforts and initiatives. In 2017, the Bermuda government initiated a task force to develop and enhance the country as a destination for crypto-currencies & coin offerings, tokenized securities, and utility tokens. Therefore, increasing government initiatives to drive the adoption of crypto-currency is significantly enhancing the growth of the crypto automated teller machine market.
Lack of understanding and awareness about crypto-currencies expected to significantly hamper the crypto automated teller machine market
- The technical and complex nature of blockchain and crypto-currencies makes it hard for people to understand and adopt it. The lack of general understanding and awareness regarding crypto-currencies is one of the major reasons for volatility of value of crypto-currencies. Most of the users do not see these digital currencies as a long term investment but a gamble to gain short term earnings. Therefore, lack of understanding and awareness about crypto-currencies is expected to hamper the crypto automated teller machine market.
North America to hold major share of the global crypto automated teller machine market
- In terms of region, the global crypto automated teller machine market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global crypto automated teller machine market during the forecast period due to the presence of a large number of manufacturers of crypto ATM hardware coupled with a promising investment environment specifically in the U.S. and Canada. Europe is estimated to be the second largest market for crypto automated teller machines from 2019 to 2027, owing to rising installations of crypto automated teller machines in bars, restaurants, gas stations, and general stores, which is likely to help the growth of the crypto automated teller machine market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global crypto automated teller machine market during the forecast period owing to the increasing fund transfers and supportive monetary regulations specifically in China, India, Malaysia, South Korea, Singapore, etc., which is expected to increase the adoption of crypto automated teller machines in the region.
Global Crypto Automated Teller Machine Market - Competition Landscape
- In July 2019, iQCashNow partnered with Dash Embassy DACH to integrate Dash technology into its 250 ATMs which were located in Spain, Greece, Austria, and Turkey.
Key Players Operating in the Global Market
- GENERAL BYTES S.R.O.
- Genesis Coin Inc.
- Lamassu Industries AG
- Bitxatm Technology Limited
- Saint Bitts LLC (Bitcoin.com)
Global Crypto Automated Teller Machine Market: Research Scope
Global Crypto Automated Teller Machine Market, by Component
- Screen/Display Monitor
Global Crypto Automated Teller Machine Market, by Type
Global Crypto Automated Teller Machine Market, by Capacity
- Up to 1000 Bills
- 1000 to 2000 Bills
- Above 2000 Bills
Global Crypto Automated Teller Machine Market, by End-user
- Restaurants & Bars
- General Stores
- Gas Stores
- Shopping Malls
- Retail Stores
Global Crypto Automated Teller Machine Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America