In 2021, the crypto-ATM market size rose to $75.01 million. Analysts at Grand View Research expect that, from 2022 to 2028, the sector’s compound annual growth rate (CAGR) will be 59.2% — its valuation will reach $1.88 billion.
According to Coin ATM Radar, at the time of writing there are nearly 35 000 Bitcoin ATMs installed worldwide. In January 2021 their number was estimated at 14 000 — since then, an average of 24 new devices have been installed each day. More than 45% of these machines were produced by Genesis Coin.
Among the factors driving growth, Grand View Research analysts cited the efforts of governments of countries such as El Salvador and growing smartphone penetration worldwide. They emphasised that the COVID-19 pandemic has played a significant role in the development of the industry.
The company also noted industry players’ efforts to improve security. For example, crypto ATMs are implementing facial-recognition systems and QR codes for user identification.
In November 2021, Bitcoin Latinum signed a three-year contract with the crypto ATM provider OSO to deploy 100,000 devices in the United States.
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