Spanish bitcoin payment platform, Bitnovo, has announced the addition of 4000 new locations allowing customers to purchase bitcoin using cash in Spain.
2017 Has Been a Big Year for Bitnovo
Bitnovo has revealed the launch of 4,000 new physical locations throughout Spain via Twitter this week. The outlets will allow customers to directly exchange fiat currency for bitcoin. Bitnovo’s expansion comprises an 800% increase in the number of locations previously available in Spain, of which there were approx. 500 prior to the rollout.
2017 has been a big year for Bitnovo, with the company’s bitcoin Visa prepaid debit card also being launched in 130 countries. The move signifies Bitnovo’s expansion beyond the Spanish cryptocurrency market and desire to establish itself as a major international brand within the bitcoin payments industry.
After its initial establishment in late 2015, Bitnovo quickly cemented itself as a dominant company within Spain’s bitcoin industry. Within 6 months the company had released prepaid bitcoin debit cards that can be used to make withdrawals from any Mastercard ATM around the world, and had announced plans for their expansion into the international bitcoin markets.
Many Are Speculating That Instability Within Spanish Financial Markets Is Driving Sustained Growth in Bitcoin Adoption
The addition of 4000 bitnovo locations illustrates a growing demand and increasing normalization of bitcoin, cryptocurrency, and blockchain technology in Spain.
Spain was among the first nations to explore the idea of national cryptocurrencies, launching Spaincoin in 2014 shortly after the Icelandic rollout of Auroracoin. Although the project appears to have been dormant for several years now, Spaincoin saw Spanish officials become one of the first states to promote and encourage cryptocurrency adoption – likely having positive ramifications for the development of the local bitcoin economy.
In the recent week several major Spanish banks, law firms, and corporations have announced the formulation of a blockchain consortium that will explore applications for blockchain technology in multiple sectors of Spain’s economy. 2017 also saw the launch of Holytransaction Trade – a cryptocurrency wallet provider that facilitates bitcoin to Euro transactions at any Spanish ATM.
Many are speculating that instability within Spanish financial markets is driving sustained growth in bitcoin adoption. The recent bank bailout of Banco Popular saw the institution purchased by Santander for just 1 euro – suggesting that Spain’s banking sector still has not recovered from the 2008 global financial crisis.
Do you think that Spain’s bitcoin markets can provide adequate demand to warrant 4000 new Bitnovo locations? Share your thoughts in the comments section below!
Images courtesy of Shutterstock and Bitnovo
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