El Salvador ranks third in global Bitcoin ATM installations, data shows

El Salvador now hosts the third largest crypto ATM network after the United States and Canada, accounting for 70% of all crypto ATMs in S...



El Salvador now hosts the third largest crypto ATM network after the United States and Canada, accounting for 70% of all crypto ATMs in South America.

According to The data of Coin ATM Radar, El Salvador has surpassed the number of crypto ATMs in the UK after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC conversions to US dollars.

Compare this to Statista The data From August 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Previously, the country ranked 43rd on the list with just four functioning crypto ATMs.

President Nayib Bukele previously said the adoption of Bitcoin would initially be supported by a network of 200 ATMs and 50 branches. The Salvadoran government has partnered with an internal cryptocurrency wallet provider named Chivo to fund BTC wallets and ATM usage in the country.

Crypto ATM installations hit an all-time high worldwide with 27,664 active machines and 2,790 new machines added in September. The increase in the number of ATM installations in El Salvador aligns with the recent presidential ordinance which forces all businesses to accept Bitcoin payments. However, traders retain the option to convert Bitcoin payments to USD before withdrawing their winnings.

While other jurisdictions have yet to decide on the use case of Bitcoin as a consumer asset, an average of 63.7 ATMs continue to be installed around the world every day. Genesis Coin remains a leading manufacturer of crypto ATMs with a 40.7% market share, while General Bytes and BitAccess account for 22.7% and 12.7% of the market respectively.

Related: Protesters burn Bitcoin ATM as part of protest against President of El Salvador

El Salvador’s adoption of Bitcoin has seen some resistance of the inhabitants, which recently led to a fire in a Bitcoin machine supported by Chivo. Those protesting the adoption of Bitcoin highlighted their concerns about uncertainty, price fluctuation and lack of exposure to the crypto market.

The Chivo kiosk is the government’s first attempt to create an infrastructure for BTC and US dollar conversions. Currently, El Salvador uses both Bitcoin and the US dollar as legal tender.