10-24-2022 icon

Spain Replaces El Salvador as the Third Biggest Digital Currency ATM Owner 

By Lucy Adegbe

Europe’s Iberian Peninsula-sited nation Spain has been officially tagged the third biggest hub for digital currency automated teller machines (ATM) after the United States of America and Canada. 

With El Salvador previously sitting in the third position with its total of 212 digital currency ATMs, the nation displaced it with extra three installations recording a 0.6% portion of worldwide crypto ATMs, as shown by CoinAFMRadar. 

Reports disclosed that Spain has recorded an estimated 43 digital ATM setups since the year began and it plans to set up a total of 100 by the end of 2022. This would amount to exactly 300 ATMs installed in the region once completed.

The growth of ATM installation has been on a negative chart since last month and is currently in a comeback stage. Global charts from the last two months indicated that seven digital currency ATMs are being set up daily.

While El Salvador takes fourth place in the global installation ranking, Greece is spotted in the sixth position. Athens-located BCash co-owner Dimitrios Tsangalidis stated in an interview with Cointelegraph that the digital currency ATM in the region is mostly used in major city locations like the Island of Crete which has “a very loyal cryptocurrency crowd.”

According to Tsangalidis, crypto market cooling and sightseer seasons play a major role in the performance of crypto ATM use.