Cryptocurrency ATMs are on the rise; Asia Pacific region is expected to demand more crypto ATMs

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Bhaswati Sarkar
Bhaswati Sarkar
She is a feminist pursuing a M.A. degree. She likes to lose herself in music and daydreams quite often. Travelling excites her and photography is her passion- nature is her favorite subject. Writing is cathartic for her. A happy-go-lucky kind of person, she tries to remain calm and serene through daily life.

The latest report on cryptocurrency trends, titled ‘Crypto ATM Market – Forecasts from 2019 to 2024,’ predicts immense flourishing of cryptocurrency ATMs, at a compound annual growth rate (CAGR) of 46.61 percent projected to reach $183.779 million USD by 2024.

The growing popularity of cryptocurrencies such as Bitcoin (BTC) is expected to be a significant factor in the growth of demand for cryptocurrency ATMs, to which the hospitality industry is expected to be a huge contributing factor, even with the impediment posed by uncertain government regulation.

This would be a tremendous improvement over 2018’s global cryptocurrency ATM market which hovered at $18.503 million USD as stated by the report.

It is determined that the Asia Pacific region would soon demand more and more cryptocurrency ATMs thanks to the growing levels of disposable income and the increasing popularity of cryptocurrency.

Geographically, the North American and the European region have more market share in the crypto market owing to their early adoption of technology and the presence of major market players in the region.

The report scrutinizes major cryptocurrency ATM companies including Genesis Coin, Inc., General Bytes, Lamassu, Inc., Bitaccess, Coinsource, Covault, and Mainstreet Automaten GmbH.

The report also contributes to confirming the general speculation that the cryptocurrency ATMs are on the rise now, which is especially evident in the US. Atlanta-based Lux Vending has played an important role in the significant increase of cryptocurrency ATMs in Chicago. In New York, numerous Bitcoin ATM locations have been established after the BitLicense was granted to Cottonwood Vending LLC.

In the Philippines, Union Bank has teamed up with the country’s central bank, the Bangko Sentral ng Pilipinas, to launch a Bitcoin ATM that would enable customers to buy and sell Bitcoins for cash.

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