The crypto ATM market is set to grow from $16.3 million in 2018 to $144.5 million by 2023, according to MarketsandMarkets.
Growing fund transfers in developing countries and acceptance of cryptocurrency across industries are among the factors providing opportunities for the market.
North America is expected to hold the largest share of the crypto market by 2023. The US is leading the charge, thanks to a large number of crypto ATM hardware and software providers and a favourable investment environment (without any legal barriers). Also, in 2017 the Government of Mexico declared Bitcoin legal, and announced it would be regulated by the FinTech Law. Whilst Canada has recorded extensive startup activity.
Big hitters
MarketsandMarkets has also flagged up key players in the crypto ATM market, including: General Bytes (Czech Republic), Genesis Coin (US), Lamassu (UK), COVAULT (US), Bitaccess (Canada), Coinme (US), Coinsource (US), Bitxatm (German), Orderbob (Austria), and RUSbit (Russia),
European first
In June, Coin Rivet reported that Amsterdam’s Schiphol Airport had installed an ATM enabling passengers to exchange their leftover Euros for Bitcoin or Ethereum.
It claimed to be the first European airport to offer such a service. Schiphol partnered with ByeleX Data Solutions on the installation and announced that it was carrying out a six-month trial to determine whether demand exists among passengers.
“We’re constantly looking for ways to innovate and provide optimum service to passengers,” said Tanja Dik, Director of Consumer Products & Services at Amsterdam Schiphol Airport. “With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ Euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum. That can be beneficial if, for instance, it’s not possible to spend Euros in their home country.”
Whilst this might be a European first, Schiphol isn’t alone in jumping onboard the crypto bandwagon. In January, Brisbane Airport partnered with Travelbybit to enable retailers to accept the likes of Bitcoin, Dash, Bitcoin Cash, Ethereum, NEM and Steem.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.