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Crypto ATM Market in North America Region is Projected to Witness High Growth Opportunities Over 2018 to 2024

Author : Ronak Bora | Published Date : 2019-04-25 

The study on the global crypto ATM market evaluated the historical and current performance of this market, especially highlighting the key trends and growth opportunities. According to the study, the rising demand for this product is driving the global market significantly. The expansion in the various related industry is also expected to reflect positively on the sales of the product over the next few years.

North America crypto ATM market is expected to witness high growth opportunities owing to the technical innovations in the machines. Lesser legal barriers in the U.S. and the presence of software & hardware providers and integrators account for the growing consumption of these products. Europe crypto ATM industry is experiencing an increasing demand due to the supportive government initiatives and the emergence of manufacturing companies such as Lamassu, Inc. and RUSbit.

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The popularity of Bitcoin cash and ATMs in the European countries that offer fast & safe transactions is further driving the crypto ATM market growth. Also, the cryptocurrency ATMs are gaining popularity in Argentina due to the rising demand for Bitcoin and decreasing importance of the national currency. For instance, Athena collaborated with the Odyssey Group to install about 150 crypto ATMs by 2018 in Argentina.

Factors, such as high usage fees and non-refundable transactions, associated with the machines are hindering the crypto ATM market growth. The ATMs charge much higher conversion fees as compared to the conventional ATMs. The average fee for undergoing the cryptocurrency machine transactions is about 8% of the total amount. The transactions are non-refundable and irreversible as they are not operated by banks and businesses. Users need to double check their transaction amounts and wallet addresses to avoid any problems as the conversion cannot be reversed or canceled. The crypto ATM industry faces challenges in managing the cash availability and conversion operations. Stringent government regulations that prohibit the usage of cryptocurrency in countries including India are hindering the crypto ATM industry growth.

The two-way ATMs are gaining popularity in the crypto ATM market owing to the provision of both, buying and selling functions. The machines offer features that support the purchase and sale of cryptocurrencies at premium prices. Moreover, additional security and user-friendliness associated with the recently developed machines are increasing the product demand. The one-way machines are increasingly being deployed in the retail stores, restaurants, bars, general stores, and fuel stations to promote the usage of digital currencies.

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Two-factor authentication of the cryptocurrency transactions is a trend driving the crypto ATM market growth. The process includes confirming transactions via a mobile number & SMS code and then identification via biometric scanning. This provides enhanced security and safer digital payment & conversion functions to the users. These machines safely uphold the individual privacy and do not reveal the wallet details to other customers. Cryptocurrency machines eliminate the chances of frauds due to the absence of third party in these transactions. The crypto ATM industry is driven by the provisions to purchase and sell various digital currencies, such as Bitcoin cash, Ethereum, and Litecoin, from a single machine.

Companies operating in the crypto ATM market are Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, and Coinsource. Companies develop low-power consuming devices that further help in reducing the overall electricity costs.

For instance, in April 2018, Nuo announced the launch of its first cryptocurrency bank branch and crypto ATM in Singapore. The crypto ATM industry comprises software developers that have recently focused on launching software that facilitates bitcoin availability through ATMs. For instance, in August 2018, Virtual Crypto Technology announced the development of its software that offers the purchase and sale of cryptocurrency through conventional ATMs across the globe.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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