After installing 43 crypto ATMs in 2022 alone, Spain is officially the third largest crypto ATM hub displacing El Salvador to clinch the position. The United States and Canada still maintain the top 2 spots.
With plans to install an additional 100 ATMs before the end of the year, the European country is officially home to 215 crypto ATMs leaving El Salvador with 212 crypto ATMs in fourth place. According to data from crypto ATM locator CoinATMRadar, Spain now holds 0.6% of global crypto ATM installation.
Consequently, this makes Spain the leader in crypto ATM installation for the European continent. It represents 14.65% of the total installation for the region. It is followed by Switzerland, Poland, and Romania with 144,142 and 135 crypto ATMs respectively.
Crypto ATMs play an integral role in the economy as they allow users to physically withdraw or deposit their Bitcoin (BTC) holdings against cash reserves. This installation rate signals mainstream adoption and it could potentially onboard more customers into the ecosystem.
With the increase in the global adoption of cryptocurrencies, many countries have made moves to install crypto ATMs on their shores. In January, Uruguay joined the train, becoming the 11th South American country to do so. The U.S crypto machine manufacturer Genesis Coin controls a significant amount of this global crypto installation rate.
Crypto ATM Installation rate Declines
Compared to last year when countries like El Salvador accepting Bitcoin as a legal tender fueled an increase in the installation of crypto ATMs, 2022 has recorded a steady decline in the installation rate of crypto ATMs.
Earlier in April, it marked its fourth consecutive month recording a decline after recording 970, 757, and 739 for the months of February, March, and April respectively.
Also in September (37,980), the growth rate dropped by over 3% compared to August (38,776). In the same period, 796 BTC ATMs were unplugged from the network marking the first time the crypto ATM sector has recorded such a significant dump.
Markedly, this decline may not be unconnected to the market conditions in recent times as well as a lack of regulation for the sub-sector.
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