Currently, Spain is home to 215 crypto ATMs, making it the third country regarding the number of crypto ATMs. This puts El Salvador – previously holding the third position – in the fourth position, having 3 crypto ATMs less than Spain. The vast network of Bitcoin and cryptocurrency ATMs has seen huge growth recently. Several countries are heavily investing in this sector, making it easier for individuals to withdraw cash by selling cryptocurrencies. As per Coin ATM Radar’s report, Spain now is accountable for 0.6% of the global Bitcoin & cryptocurrency ATM network.
This increase in the number of crypto ATMs in Spain puts the country as the biggest contributor to crypto ATMs in Europe. As per Coin ATM Radar, Spain accounts for 14.65% of all crypto ATMs in Europe. The biggest contributors to crypto ATMs in Europe are Spain, Switzerland, Poland, and Romania. Electronic retailers such as the German firm MediaMarkt and Confinity are some of the leading names when it comes to installing crypto ATMs. These two companies are currently focused in Germany, Greece, Spain, and Austria.
Just this year, Spain accumulated 43 crypto ATMs. The ever-growing number of crypto ATMs in the country shows its pro-crypto nature. Spain is aiming to install more than 100 ATMs by the end of 2022, potentially starting the year 2023 with over 300 crypto ATMs.
The Global Bitcoin & Crypto ATM Business
Despite this positive chain of events, Bitcoin & crypto ATM installations have experienced a decline from September 2022 until today. This came after a huge number of installations in the months prior to September.
The co-founder of BCash, Dimitrios Tsangalidis, reported to Cointelegraph regarding the issue. According to him, the main reason behind the slowdown of this industry is the crypto winter. Moreover, he noted that traffic in crypto ATM usage has also decreased significantly.
According to Coin ATM Radar, there are more than 38,000 Bitcoin & cryptocurrency ATMs scattered in 79 countries around the world. This shows how early in the process of mass adoption we all are. To put this into perspective, data from Statista shows that there are more than 3 million normal ATMs around the globe.
Just some days ago, Tether announced their plans to make USD Tether (USDT) available in 24,000 ATMs in Brazil. This would put Brazil in the second spot regarding the number of crypto ATMs. The United States holds the first spot with more than 34,000 Bitcoin & crypto ATMs installed throughout the country. One of the cities with the most number of ATMs installed in the US is Los Angelos, LA, accounting for 1995 Bitcoin ATMs. Interestingly enough, New York accounts for only 0.48% of the total number of crypto ATMs in the USA.
Tether USD₮ will be available in over 24 000 ATMs across🇧🇷 Brazil on Nov 3 https://t.co/40QPFj1l80 pic.twitter.com/sh18ogxI51
— Tether (@Tether_to) October 20, 2022