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Cryptocurrency ATMs could reach $184 million in valuation by 2024, says report

Biraajmaan Tamuly

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Cryptocurrency ATMs projected to reach a valuation of $184 million by 2024, says report
Source: Pixabay

Since the inception of the first Bitcoin [BTC] ATM in late 2013, automated teller machines for cryptocurrencies have gradually entered the mainstream market and promoted the mass adoption of virtual currencies.

According to a report titled “Crypto ATM Market – Forecasts from 2019 to 2024,” the global market for cryptocurrency ATMs is projected to surge by a compound annual growth rate [CAGR] of 46.60%.

The predicted growth would take the valuation of crypto ATMs to a staggering $183.779 million by 2024. In comparison, the valuation was only $18.513 million in 2018.

Such immense growth is predicted owing to the increasing popularity of cryptocurrencies like Bitcoin [BTC]. The hospitality industry is yet another driving force that has fueled the mass adoption of cryptocurrency ATMs.

Cryptocurrency ATMs allow users to exchange cryptocurrencies for their fiat currencies. The installation of crypto ATMs is a significant step, but uncertain government rules and regulations hinder the installation of these automated teller machines.

According to the research report, current market trends for cryptocurrencies are related to demand, supply, and sales, in addition to major developments. The report presented information on major investors, developments in the ecosystem, and industry regulations being implemented across different regions of the world.

Major industry players profiled as part of the report were Genesis Coin, Inc., General Bytes, Lamassu, Inc., Bitaccess, Coinsource, Covault, and Mainstreet Automaten GmbH, among others.

The report also suggested that North America and Europe had the largest share of the cryptocurrency ATM market. However, the Asia Pacific region was deemed to see the highest growth owing to the “rising disposable income and growing popularity of cryptocurrency”.



Chicago was one of the cities that saw significant growth in the number of cryptocurrency ATMs, and currently has nearly 100 ATMs, at press time. New York also has 88 Bitcoin ATMs, each of which can be used to purchase BTC using cash.

The report comes days after Philippines’ Union Bank announced its collaboration with the country’s central bank to launch a Bitcoin ATM which would allow users to both buy and sell BTC for traditional fiat currencies.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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