Genesis Coin dominates the Crypto ATM market with its dominance standing at 41%
- The crypto ATM market is snowballing, buoyed by the growing adoption of cryptocurrencies.
- An analysis of the manufacturers in the crypto ATM space indicates domination by Genesis Coin.
- The firm is the global market leader having a share of 41%.
While the crypto market is still in its infancy, there is no denying that it is snowballing. As a result, there has been increasing demand for ATMs that support crypto transactions. This has led to a surge in the number of crypto ATM manufacturers. One that's carving out a name for itself is Genesis Coin.
CryptoMonday has analyzed the crypto ATM market and shown Genesis Coin as the most dominant manufacturer. The Australian firm's global market dominance now stands at 41.4%. General Bytes takes the second slot with a market share of 21.7%, while Bit Access comes in third with 15.2%.
What makes Genesis Coin tick?
"Genesis Coin's success is a result of its ability to innovate and keep up with changing trends in the industry," says CryptoMonday's CEO, Jonathan Merry. He adds, "Its competitive advantage lies in its superior customer service and quick deployment times. These have made it a preferred choice for crypto enthusiasts in America and across the globe."
Its dominance of the American market is even more impressive. Here it has 44.6% of the market, making it the most popular brand in America. General Bytes and Bit Access come a distant second and third with 17.7% and 17.1% market share.
These three firms dominate approximately 80% of the crypto ATM market, leaving other manufacturers to account for 20%. Whereas Coinsource and Bitstop hold 6.1% and 5.3% within the latter group, other smaller players share the rest. The story is different in Canada, though, where General Bytes, with a 47.2% share, pips Genesis Coin (32.3%) to the first spot.
Retracing Genesis's journey towards global dominance
Genesis's rise to the top has been nothing short of spectacular. The company has been growing its crypto presence steadily since 2014. It began with only two crypto ATMs but has installed over 15,000 of them today.
It began its dominance by providing easy-to-use and affordable crypto ATMs. This strategy made them popular among retailers and restaurants who wanted to accept Bitcoin payments without investing heavily in hardware or software development.
Since then, Genesis Coin has been focusing on increasing its market share by introducing new features. These include biometric security measures and improved designs of their ATMs. The firm hinges its growth on its ability to provide customized solutions for every type of clientele, from individual users to businesses.