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Crypto ATM Market Analysis

  • Report ID: GMI2944
  • Published Date: Apr 2022
  • Report Format: PDF

Crypto ATM Market Analysis

The German crypto ATM market will grow at a CAGR of 55% during the forecast timeframe, owing to the tax benefits offered by government administrations on cryptocurrency transactions. According to the German Federal Central Tax Office, cryptocurrencies are tax-free if the total profit from private sales transactions in a calendar year is less than USD 709.2 and sales of cryptocurrencies held for more than a year are tax-exempt.
 

Such initiatives increase the market share of crypto ATM scanners that help consumers set up their wallets and locate the wallet address for inbound transactions. This is usually done automatically by the crypto ATMs that scan the QR code on the smartphone screen rather than typing it in manually, which can lead to mistakes and cause fund loss.
 

Bitcoin ATMs enable consumers to buy and exchange cryptocurrencies with cash. These ATMs are gaining popularity as they are tamper-proof, ensure ultimate financial confidentiality and provide an instant way to buy or sell cryptocurrencies. Bitcoin ATMs ensure supreme security as users are not required to affix their personal information. Cryptocurrency can only be transferred if the user shares the correct security credentials and passwords. These ATMs are fortified with technology that ensures protection against software and hardware malfunction.
 

As of December 2021, around 34,000 Bitcoin ATMs are in operation globally. ATMs are increasingly acknowledging the increasing popularity and acceptance of bitcoins. For instance, in April 2022, Bitcoin of America added the cryptocurrency Shiba Inu to all of their Bitcoin ATMs. Similarly, CoinHere has around 35 prime Bitcoin ATM locations in Asia.
 

The demand for two-way crypto ATMs in the U.S. market will register more than 50% growth rate through 2028, led by the provision of both buying and selling functions. The machine offers various features, such as high security and multicurrency support, that increase the sale of cryptocurrencies at premium prices with additional security. The country is witnessing a surge in the adoption of two-way crypto ATMs as they offer a user-friendly interface that directs the user in each step of the processing transaction.
 

Asia Pacific Crypto ATM Market Size, By Country

The Asia Pacific crypto ATM market accounted for around 10% of the global revenue share in 2021, owing to the rising access to trade finance. Various countries including India and South Korea are investing in startups to accelerate the market expansion of cryptocurrency exchanges. These firms are receiving venture capital financing from various organizations, thus boosting the demand for crypto ATMs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of crypto ATM exceeded USD 250 million in 2021 and is anticipated to showcase more than 50% CAGR between 2022 and 2028.

Germany industry size will register over 55% CAGR through 2028 due to the tax benefits offered by the government on cryptocurrency transactions.

The U.S. market size from two-way crypto ATMs will record 50% CAGR through 2028 as these ATMs provide both, the buying and selling options to customers.

Bit Base S.L, Bitcoin Depot, Bitaccess Inc., CoinFlip, Coin Cloud, and Coinme, among several others, are the main participants in this market.

Crypto ATM Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 16
  • Tables & Figures: 295
  • Countries covered: 18
  • Pages: 250
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