Report: Crypto Market for 2-way ATMs Will Grow to $145 Million by 2023
According to a report published by ResearchandMarkets, the cryptocurrency ATM market is expected to grow to nearly $145 million by 2023, as it’s forecasted to have a compound annual growth rate (CAGR) of 54.7% for the next five years.
According to the study, significant growth during the forecast period will be from two-way ATMs, which let customers change digital currency into fiat and vise-versa using a single machine. The study says that the machines’ functionality is the key driver of two-way crypto ATMs’ popularity among users.
Available data, however, shows one-way ATMs are dominating the market, as nearly 62.5% of all existing crypto ATMs are one-way, while about 37.5% are two-way. Most of these machines are located in the United States, where well over 2,000 crypto ATMs are located.
If this prediction comes to fruition, that would mean that this sub-industry would have expanded at a compound annual growth rate (CAGR) of a staggering 54.7% from 2018 to 2023. However, this was no baseless claim, as researchers highlighted a series of reasons as to why crypto ATMs could make a foray into the limelight in just a few years time.
Uncertain regulatory status of cryptocurrencies and lack of awareness and technical understanding regarding cryptocurrencies restrict the market growth for crypto ATM manufacturers and operators.
While the crypto ATM market is projected to grow over the next five years, traditional ATM manufacturers consider digital currencies a threat to their business.
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