The ease with which cryptocurrency ATMs allow users to buy and exchange digital assets has been one of the driving forces behind the surge in their adoption over the past year. It reportedly saw the installation of around 20,000 additional ATMs worldwide[1], and the trend is expected to continue growing, according to recent research.
The combined value of cryptocurrency ATMs worldwide hit $75.01 million in 2021, according to a recent report[2] by Grand View Research. It further found that this is expected to expand at a compound annual growth rate (CAGR) of 59.2% from 2022 to 2028, by which time it will be valued at around $1.88 billion.
The ATM sector, much like the larger crypto-industry, is dominated by the leading digital asset Bitcoin[3], as it accounted for over 30% of the total revenue collected by ATMs in 2021. Interestingly, the report found that the increase in demand for BTC ATMs was driven by “the growing acceptance of Bitcoin as a payment method worldwide.”
Indeed, several large-scale retailers have embraced Bitcoin or other cryptocurrencies as a payment method in the recent past, including the likes of Walmart[4] and AMC Cinemas. Moreover, support from traditional payment channels such as Paypal has also contributed toward this trend.
Other factors aiding the growth of crypto-ATMs also include their acceptance by governments such as El Salvador. The country installed over 200 crypto-ATMs after accepting Bitcoin as a legal tender last year. Additionally, efforts being pursued by ATM companies to mitigate cyber-attack risks have also added to their outlook as safe crypto-exchange platforms, the report said.
It also forecasted that the sector is currently dominated by the restaurant and hospitality sector, accounting for a revenue share of over 33%. However, it would be
