The current crypto market scenario has been testing the trust of many investors, however, cryptocurrencies have continued to be used in the global financial systems. It is being said that the fluctuations in the crypto market might have halted the pace of development.
Crypto ATMs are used as an indicator to observe the progress of the adoption of crypto ATMs as an everyday thing and data suggests that Spain has been very progressive regarding the installations of crypto ATMs in the country. Spain has been ranked 3rd in terms of the maximum number of crypto ATMs in the country after the top two the United States and Canada. The US has made remarkable progress in terms of crypto ATMs, 45 out of 50 states were already equipped with crypto ATMs as of March 2021 whereas Dogecoin was made accessible at over 18,000 ATMs.
Spain has taken the third position from El Salvador pushing it down to fourth in the number of crypto ATMs. As per data, Spain has a total number of 215 ATMs installed at the moment representing about 0.6% of the global figures whereas El Salvador has 212 ATMs installed. Spain is also at the top of the continent regarding the use of crypto ATMs and it is said to account for about 14.65% of crypto ATMs within Europe.
In Europe, after Spain comes Switzerland with 144 ATMs installed followed by Poland and Romania with 143 and 135 ATMs respectively. European countries have been progressive towards crypto ATMs, last year Spain, Germany, Austria, and Greece partnered with leading crypto platforms intending to enhance the installations of crypto ATMs. Spain also collaborated with an electronic maker to achieve the goal of installing over 100 ATMs within a year and so far 43 ATMs have been installed in 2022.
Take the example of Greece, which takes the sixth position despite the massive tourist footfall. Experts suggest that most of the traffic for the ATMs in the country comes from the main city area instead of tourist locations. Also, a mix of tourism with crypto winter is suspected to be behind the slowdown of crypto ATMs.
Crypto ATMs are an integral part of crypto adoption and even though not every country has started with the installments, a significant surge can be expected in the coming times including countries like Japan. Data for about the past 2 months suggest that an average of 7 installations are being done daily, however, the pace of global crypto ATM installations has been slow since September 2022.