27 Jul 2022 Morgan Hayze
Crypto AТМs Value To Reach Over $470 Million By 2027
Crypto ATMs will increase with a drastic rate, shows data from a market research, predicting the space to be worth half a billion dollars by 2027. In contrast, the current crypto ATM market valuation is around $46 million, which, if the predictions come true, would be a ten-fold increase in the uprising sector’s valuation.
Among the key factors in the anticipated growth are the increase in remittances and fund transfers in developing countries, fluctuating monetary regulations, and an increase in crypto ATM installations around the world.
Crypto ATMs continue to increase in numbers
The latest endorsement of crypto ATMs comes from Austria, as German electronics retailer MediaMarkt successfully completed a Bitcoin ATM pilon in Austria and has now deployed Bitcoin (BTC) ATMs in 12 branches across the country, including Seiersberg and Klagenfurt in cooperation with Coinify’s Kurant ATM service company.
"MediaMarkt stores across the country have been equipped with Bitcoin vending machines. In total, these are now present in twelve markets and enable the simple and secure purchase of cryptocurrencies." - Kurant's Head of Marketing & Sales, Europe, Thomas Sperneder noted, adding that Bitcoin ATMs are bridging the gap between digitally savvy and ordinary retail clients.
Regulations may cause issues
However, the data, collected via interviews, surveys, and observations involving market participants, revealed a big possible issue when it comes to crypto ATM deployment – the regulators. It turns out that financial authorities either have different regulatory frameworks, or they don’t have such at all. The lack of education and technical understanding of cryptocurrencies is yet another concerning factor, despite Spernder’s claims that "in order to get hold of Bitcoin easily and safely, stationary vending machines open up a low-threshold alternative for the purchase of cryptocurrencies."
Meanwhile, security still remains a key factor for the possible increase in adoption of crypto ATMs, especially since the United Kingdom recently closed operations for non-registered ATMs as its Financial Conduct Authority takes a tougher stance on Bitcoin ATMs, due to the lack of regulatory structure. The European Union also takes a strict approach when it comes to non-custodial wallets.
The road ahead
Despite the regulatory havoc with crypto ATMs in the world, Austria, for example, already has over 100 working points of service. Nevertheless, the US still remains the largest crypto ATM user, with an 88% share of crypto ATM installations worldwide.
For instance, a total of 641 crypto ATMs were commissioned for use in the first 10 days of July 2022 in the US alone. Canada ranks second, making North America a leader in crypto ATM adoption, but the latest events in the crypto market are sure to slow down the adoption in the short term.Crypto Market crypto market monitoring bitcoin news atm bitcoin news today Regulations