Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
The worldwide cryptocurrency assets ATM industry is predicted to increase significantly over the next five years, according to ResearchAndMarkets.com.
According to data collated by the global market research firm, the estimated growth over the next five years will put the cryptocurrency ATM market at just under half a billion dollars, growing at a rate of nearly 60%. Currently, the Bitcoin ATM market is valued at $46 million USD and it’s predicted to grow to $472 million USD by 2027.
What will drive the increase of crypto ATMs?
According to the researchers, the increase of the the industry will be due to various factors both in the crypto industry and macro-economic elements. This includes the growing need for seamless transfers between different countries, especially remittances in developing nations, the rise in inflation, and instability in fiat strength.
This means there is growing opportunity for crypto ATM service providers to look towards countries in developing markets where cross-border payments are both common AND difficult to offer an easier way to access remittance payments.
Currently, the United States has dominance of the market’s cryptocurrency ATMs, making up a massive 88% of all ATMs at the time of writing. Canada is second to the United States, making the developed continent the dominant point of service for crypto ATMs.
As the industry sees more active regulation across the world, there is also a corresponding ruse in cryptocurrency ATMs that are being installed. More users taking to cryptocurrency will require more platforms to interact with the industry. This means cryptocurrency exchanges, peer-to-peer platforms, and crypto ATMs.
“As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.”
What limits the growth in Bitcoin ATM installations?
According to the research conducted, there are several limiting factors that inhibit the successful growth of crypto ATMs. Commonly, this is owing to regulatory environments and uncertainty in what legislation a country’s financial governing authority will put in place for the crypto industry. In addition to regulatory concerns, there is also a need for education in the industry and both fundamental and technical understanding of the digital assets. While cryptocurrency remains a risk-on asset, the volatile nature of the market is a restraint on how many ATMs would be used widely enough across the world for active use.