PUBLISHER: Grand View Research | PRODUCT CODE: 1362955
PUBLISHER: Grand View Research | PRODUCT CODE: 1362955
The global crypto ATM market size is expected to reach USD 5,451.0 million by 2030, growing at a CAGR of 62.5% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Several countries such as Central African Republic and El Salvador recognize Bitcoin as legal tender which will contribute to the use of crypto ATMs over the forecast period. The market growth can be attributed to the growing use of cryptocurrencies for making payments at several retail stores.
The rise in the number of prominent retail stores installing crypto ATMs is expected to be a major contributor to the growth of the crypto ATM industry. In March 2023, Giant Eagle supermarket's cafe arm under GetGo Cafe + Market announced plans to install online Bitcoin ATMs in more than 125 locations across the U.S. Similarly, prominent chains such as Circle K, 7-Eleven, and Shell have ramped up the demand for online Bitcoin ATMs.
Leading cryptocurrencies' popularity and potential growth prospects are expected to bode well for market growth. According to data provided by Coin ATM Radar, an online Bitcoin ATM information provider, globally, nearly 23 Bitcoin ATMs are installed daily. Thus, the growing use of cryptocurrencies such as Bitcoin and Ethereum is expected to create growth opportunities for the crypto ATM industry over the forecast period.
The outbreak of the COVID-19 pandemic positively impacted the growth of the market for crypto ATMs. Users across the globe are demanding more advanced software in crypto ATMs so that the process of storing, buying, and selling cryptocurrencies can be easy. Furthermore, crypto ATM providers are also focusing on launching advanced software to simplify the process of crypto ATMs for transactions.