Although the current market has situation shackled the spirit of many investors, cryptocurrencies continue to be utilized in global financial systems on the other side. Similarly, crypto ATMs are one of these key areas showing how cryptos are increasingly becoming everyday things.
The effect of the market ups and downs halted the crypto developments to some extent. Meanwhile, Spain has placed itself as the world’s third-largest country by crypto ATMs after the United States and Canada.
Per the findings of CoinATMRadar, Spain has installed 215 ATMs, contrary to El Salvador’s count of 212 ATMs at the time of writing. Now the country represents 0.6% of global crypto ATMs. The milestone allowed the country to pull the legs of El Salvador and put it in the fourth rank on the list.
Furthermore, research uncovers Spain remains at the top within the continent regarding crypto ATMs use. The country hosts 14.65% of the crypto ATMs within Europe. Likely, Switzerland secured its second position by installing 144 ATMs. And Poland stands in the third position with 143 ATMs, and Romania at fourth with 135 machines.
Spain, Germany, Austria and Greece previously partnered with crypto platforms and other successor companies last year in a deliberate attempt to boost the installation of crypto ATMs. It involves a German electronic firm MediaMarkt, Confinity and crypto platform Bitnovo, among others, to lead the launches of ATMs in the regime.
In addition, Spain’s partnership with European electronic maker Eurocoin set a goal to install over 100 ATMs beginning this year, bringing a total count of 300 once done. So far, only 43 ATMs have been installed in 2022. And the third position milestone has been achieved by Spain without the completion of the plan.
Crypto ATMs Are Valuable Source To Accelerate Adoption
Despite being a tourism hub, Greeks come in the sixth spot regarding crypto ATMs.
Bcash, a crypto-based ATM operator, uncovered that most of the traffic for ATMs in the country comes from the main city area instead of tourist spots. Dimitrios Tsangalidis, managing director and co-founder of Bcash, stated that a coinciding of tourism with crypto winter caused the slowdown of crypto ATMs.
Although not every country has yet interacted with crypto ATMs, it is a useful source to accelerate crypto adoptions around the globe. And we expect to see more growth in ATMs in the near future. In line with the analysis of the previous sixty-day data, the average number of daily crypto installations stands at 7. Crypto ATM growth has slowed globally since September 2022.
The United States also showed keen interest in facilitating crypto ATMs. As per the March 2021 report, 45 of the 50 states had installed ATMs, and the meme coin, Dogecoin, was made accessible at over 18,00 ATMs.
Featured image from Pixabay and chart from TradingView.com