Genesis Coin’s business is growing exponentially owing to its bitcoin ATM business. Genesis Coin is the leading manufacturer of the crypto ATM market. In 2017, the company ranked number 1 in the crypto ATM market owing to the highest sale of its crypto ATMs. In 2016, Genesis Coin launched Satoshi2 Bitcoin machine (2 way), an advanced version of Satoshi1 and Genesis1. Satoshi2 is cheaper than Genesis1; however, it supports almost all the major functionalities of Genesis1.
Lamassu is a leading crypto ATM manufacturer. In 2017, the company was ranked third in the global crypto ATM market. The company’s product line consists of a single crypto ATM, Douro. Although the company’s product line is less competitive with those provided by dominant players such as GENERAL Bytes and Genesis Coin, it strives to establish dominance over other smaller players.
The crypto ATM market has been segmented into type, ATM hardware, and geography. The crypto ATM market is expected to grow from USD 16.3 million in 2018 to USD 144.5 million by 2023, at a CAGR of 54.7% during the forecast period.
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Product launches and developments have been the key strategies adopted by the players to grow and stay competitive in the crypto ATM market. These strategies together accounted for the largest share of the overall growth strategies adopted by key players in the crypto ATM market from January 2015 to March 2018. Besides product launches and developments, companies have adopted partnerships, collaborations, and strategic alliances to enhance their product portfolio and to expand their sales and distribution networks. These strategies have significantly strengthened their position in the overall crypto ATM market. GENERAL BYTES (Czech Republic), Genesis Coin (US), Lamassu (UK), COVAULT (US), Bitaccess (Canada), Coinme (US), Coinsource (US), Bitxatm (German), Orderbob (Austria), and RUSbit (Russia) are among a few key players in the crypto ATM market.
GENERAL BYTES is expected to withstand competition for a longer period owing to the company’s increased focus on blockchain for different verticals such as banking, financial services and insurance (BFSI), healthcare and life sciences, retail, and e-commerce. Also, the growth of blockchain in different sectors offers huge opportunities for crypto ATM manufacturers as various transactions are made via cryptocurrencies. GENERAL BYTES focuses on a new era of transaction system and is expected to grow holistically. In 2016, the company launched BATMTwo series Bitcoin ATM. These ATM have a capcity to store 600 and 1,200 bank notes and can be mounted on a wall.