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Spain overtakes El Salvador to become the third largest crypto ATM hub

Published on

December 23, 2022
Read Time:1 Minute, 46 Second

The European nation of Spain is formally residence to the third largest community of Bitcoin (BTC) and cryptocurrency ATMs, after the US and Canada.

Spain presently hosts 215 crypto ATMs, pushing El Salvador – with 212 crypto ATMs – to fourth place after overtaking the nation by 3 crypto ATMs. Data by CoinATMRadar confirms that Spain accounts for 0.6% of world crypto ATM installations.

Crypto ATM distribution by continents and nations. Supply: CoinATMRadar

Moreover, the reveal identifies Spain as the most important contributor to crypto ATMs in Europe, accounting for 14.65% of complete installations on the continent, adopted by Switzerland (144 ATMs), Poland (142 ATMs) and Romania (135 ATMs). .

Progress of crypto ATM set up in Spain. Supply: CoinATMRadar

In 2022 alone, Spain put in 43 crypto ATMs and has beforehand introduced its intention to have over 100 complete ATMs put in by the tip of the 12 months – totaling virtually 300 crypto ATMs as soon as full.

MediaMarkt, a German electronics retailer, and Confinity are leaders in putting in crypto ATMs in Austria, Germany, Spain and Greece, amongst others.

Quite the opposite, world crypto ATM installations have been exhibiting unfavourable progress since September 2022 and are on the trail to a sluggish restoration on the time of writing. Calculations primarily based on knowledge from the final 60 days present that round seven crypto ATMs are put in worldwide each day.

Associated: Crypto ATMs are rising as a well-liked technique for crypto fraud funds – FBI

Greece ranks sixth when it comes to cryptocurrency ATMs, and given the inflow of vacationers, Bitcoin ATM operator BCash shared insights into the nation's utilization statistics.

Talking to Cointelegraph, BCash CEO and co-founder Dimitrios Tsangalidis revealed that regardless of putting in crypto ATMs in vacationer hotspots, most utilization comes from metropolitan areas.

Nonetheless, the island of Crete attracts a “very loyal cryptocurrency crowd,” as Tsangalidis explains:

“There's a sturdy crypto group in Heraklion, Crete [which is] the placement of certainly one of our ATMs."

In line with Tsangalidis, a mixture of crypto winter and vacationer season has resulted in a slowdown in common crypto ATM utilization site visitors.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 23, 2022
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