By crypto.news | Created at 2024-11-06 11:00:00 | Updated at 2024-11-06 13:38:53
3 hours ago
The global crypto ATM market, worth $87.35 million in 2023, is expected to grow at an average rate of 45.7% per year, reaching $2.58 billion by 2032.
The global crypto ATM market, valued at $87.35 million in 2023, is expected to reach $2.58 billion by 2032, driven by the increasing adoption of Bitcoin (BTC), per the latest research report by Research and Markets.
The market’s growth is attributed to the increasing global acceptance of cryptocurrencies, with analysts saying that regulators are “implementing favorable regulations to promote their [cryptocurrencies] adoption.”
“Additionally, the increasing collaboration between crypto ATM providers and financial institutions is further driving the market growth, as it ensures the compliance and security of crypto ATM transactions.”
Research and Markets
The report notes that the use of crypto ATMs is expanding across several industries, including retail, travel, and financial services with many malls, convenience stores, and gas stations are installing crypto ATMs “providing consumers with a simple way to purchase cryptocurrencies.”
In line with this trend, U.S.-based crypto ATM provider CoinFlip recently expanded into Mexico as part of its global growth strategy. The company also operates in countries including Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with the U.S. being its largest market.
However, some countries remain cautious about the proliferation of crypto ATMs. In late 2023, the UK’s Financial Conduct Authority conducted checks on “numerous premises in East London” suspected of operating illegal crypto ATMs. A year later, the FCA charged a London man for running several crypto ATMs in London that processed $3.4 million in transactions between December 2021 and September 2023.
