Spain Becomes Third Biggest Hub for Crypto ATMs, Overtaking El Salvador

Spain has officially become home to the third-biggest network of crypto ATMs, with the US and Canada in first and second place. As of now, Spain has 215 crypto ATMs, which puts El Salvador, which has 212 crypto ATMs nationwide, in fourth place.

Spain Makes Up For 0.6% of Crypto ATMs Globally

According to CoinATMRadar, Spain makes up about 0.6 percent of crypto ATM installations worldwide, and overtook El Salvador, which was previously in third place, by an additional 3 ATMs.

Additionally, the data shows that Spain is Europe’s biggest hub of crypto ATMs, as it accounts for 14.65 percent of overall ATM installations continent-wide.

After that comes Switzerland, which had 144 crypto ATMs, Poland, with 142 crypto ATMs, and Romania, clocking in at 135 crypto ATMs.

This year alone, the country installed 43 crypto ATMs throughout major cities. Previously, representatives even explained that the country will make sure to install over 100 ATMs altogether by the end of 2022. That would bring the total up to almost 300 crypto ATMs.

This is a major leap towards more widespread crypto adoption and not just among locals, but tourists as well.

Considering how Spain has an impressive market for tourism, it’s only natural that having more crypto ATMs will help ensure that tourists can make frequent purchases.

Growth in Crypto ATM Installations Sees Worldwide Decline

But despite Spain’s phenomenal growth with regard to crypto ATM installations, it doesn’t speak for the rest of the world.

Since September, the overall trend of crypto ATM installation worldwide has seen a decline in growth. Now, however, the numbers are rising, with analysts predicting a slow recovery.

According to data from the past 2 months, calculations indicate that about 7 crypto ATMs are installed globally on a daily basis.

Greece Ranks Sixth Place in Crypto ATM Growth

Meanwhile, Greece ranks sixth place for the number of crypto ATMs installed. As more and more tourists visit the country, the country is looking to accommodate their currency preferences, which includes crypto.

BCash, a Bitcoin ATM operator, reported usage trends in Greece. In an interview with Cointelegraph, Dimitrios Tsangalidis, the firm’s co-founder and managing director, explained that much of crypto ATM usage stems from urban city area.

But at the same time, the island of Crete lures in a huge crowd of tourists who lean towards a preference for using cryptocurrency.

He explains that the island is home to an avid crypto community, and is also a where one of the firm’s ATMs are based.

Currently, however, the crypto bear market has led to reduced traffic at crypto ATMs in the country. Combined with how it currently isn’t peak season for tourism, there has been a further reduction in the number of people frequenting crypto ATMs.

By Brandon Craig
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