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Crypto ATM market to reach US$400 million soon

The global crypto ATM market is estimated to be at US$ 46.45 million now amidst a crypto winter, and is projected to reach US$ 472.18 million by 2027

Crypto ATMs, which are a convenient way for crypto users to conveniently convert fiat to crypto and vice versa, seem to have become a worldwide hit. However, the current trends in the crypto ATM market and the cryptocurrency market are like the two sides of a coin. Whereas the value of crypto ATMs is anticipated to reach $400 million soon, the cryptocurrency market has taken a downward turn for the worst and is experiencing a “crypto winter.”

The global crypto ATM market is estimated to be at US$46.45 million now and projected to reach US$ 472.18 million by 2027 which to the compound annual growth rate is an increase of 59%.

Some of the factors that are driving the popularity of crypto ATMs are: the growing remittances and fund transfers in developing countries, fluctuating monetary regulations and a substantial increase in crypto ATM installations around the world.  If these remain consistent, the growing crypto ATM market might give the crypto market the jumpstart it so desperately needs right now.

Crypto installations have been most popular in the US followed by Canada but the potential in both developed and developing countries remains unexplored. Here in Africa, there was a recent report of Namibia opening its first bitcoin ATM at Maeruna Mall in Windhoek.

A bitcoin ATM (or BATM in short) is an outlet that allows a person to buy bitcoin using an Automatic Teller Machine. Some BATMs have bidirectional functionality enabling users to both buy and sell bitcoin for cash. They need internet connection to operate, and work by connecting the user to a bitcoin exchange whereas the conventional ATMs connect users to banks. The BATMs allow for insertion of both cash and cards. 

When it comes to the crypto market on the other hand, there have been several factors that have been stifling its growth such as the unpredictable regulatory ambiance and lack of awareness of crypto and their functions.