The Crypto ATM Market report add detailed competitive landscape of the global market. It includes company, market share analysis, product portfolio of the major industry participants. The report provides detailed segmentation of the industry based on product segment, technology, end user segment and region.
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 market 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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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.
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