El Salvador now has the third-largest network of crypto ATMs in the world, trailing only the United States and Canada, accounting for 70% of all crypto ATMs in South America.
El Salvador has surpassed the United Kingdom’s crypto ATM count, according to Coin ATM Radar, after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC to US dollar conversions.
When compared to Statista data from August 16, El Salvador has successfully installed 201 ATMs in just one month. Previously, the country ranked 43rd on the list, with only four operational crypto ATMs.
President Nayib Bukele previously stated that the initial support for Bitcoin adoption would be provided by a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with Chivo, an in-house cryptocurrency wallet provider, to power the country’s BTC wallets and ATM usage.
With 27,664 active machines and 2,790 new machines added in September, crypto ATM installations are at an all-time high around the world. The increase in El Salvador’s ATM installation drive coincides with a recent presidential order requiring all businesses to accept Bitcoin payment. However, merchants can convert Bitcoin payments to USD before withdrawing their earnings.
While other jurisdictions are still debating Bitcoin’s utility as a mainstream asset, an average of 63.7 ATMs are installed globally every day. Genesis coin continues to be the market leader in crypto ATM manufacturing, with a 40.7 percent market share, followed by General Bytes and BitAccess, which have 22.7 percent and 12.7 percent market shares, respectively.
Locals in El Salvador have been resistant to Bitcoin adoption, which recently resulted in the burning of a Chivo-supported Bitcoin machine. Those opposed to Bitcoin’s adoption raised concerns about uncertainty, price volatility, and a lack of exposure to the crypto market.
The Chivo kiosk is the government’s first attempt to build an infrastructure for converting BTC to US dollars. El Salvador currently accepts both Bitcoin and the US dollar as legal tender.