Crypto ATMs Grew Significantly Despite Crypto Market Slowdown

With the inauguration of the new year, research and reports across distinct fields started coming out indicating the growth and development of the sector. The latest data about crypto ATMs all over the world and in the past and present also showcases a significant growth. The increase in number indicates the wide adoption despite the bearish trend within the broader crypto market.

According to Coin ATM Radar data, the number of crypto ATMs installed till date stands at 38,611. The growth is impressive given that the number in early January 2022 was 34,359 while in January 2020, it was standing at 6,362 ATMs only. An increase of 4,248 ATMs in a year showcases approx 12.36% growth in a year and a 506.83% increase with addition of 32,245 ATMs in the last three years.

Crypto ATMs act as an attribute of cryptocurrency market growth facilitating retail crypto payments on the go. These ATMs, somewhat similar to other fiat currency ATMs, allow users to withdraw fiat currency by selling the cryptocurrencies and vice versa.

The growth of crypto ATMs remained significant within the last several years and expected to continue in the upcoming years.

Crypto ATMs Installation Spree to Continue

Recent report of Grand View Research (GVR) noted that the overall market of crypto ATMs will reach over 5.4 billion USD by 2030. From 2022 to 2030, the growth of these ATMs would register a compound annual growth rate (CAGR) of 61.7%.

The market research and consulting firm stated that retail stores like Walmart and CircleK will be playing a crucial role in driving the growth of crypto ATMs by the end of this decade.

The GVR report mentioned the survey of Bitstamp in 2022 which found that about 75% of retail investors and 88% of institutional investors believe that cryptocurrencies will become mainstream ten years down the line. This could also imply the direct effect in installation of more crypto ATMS acting as another key factor.

Many businesses including restaurants and commercial spaces consider crypto ATMs yet another medium to make extra revenue.

According to the report, crypto ATMs will be serving wide applications including commercial space, restaurants and hospitality spaces, transportation hubs, standalone units and a lot more.

In addition, it also highlighted that ‘one way segment’ and ‘bitcoin segment’ dominated the market in 2021.