UnionBank of Philippines has announced its plans to launch cryptocurrency automated teller machines [ATM] wherein users can trade the digital assets for Philippine Pesos. To execute the launch, the bank will partner with xRapid powered e-wallet and financial services firm, Coins.ph.
Justo A. Ortiz, Chairmen of UnionBank, about the deployment of digital currency ATMs, stated:
“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already,”
Coins.ph has made use of cross-border payment solutions such as cost and time efficiency, scalability, and transparency rendered by xRapid’s platform. Apart from XRP, the other major digital assets supported by the it are Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] so far. This Southeast Asian tech firm is a leading name in the cryptocurrency trading space of the country.
With a customer base of around 5 million, Coin.ph has strived for mass adoption of its app to make banking services accessible even for the natives in remote places leveraging Ripple-xRapid’s blockchain tech at its core.
Ron Hose, CEO and founder of Coins.ph while elaborating about the tie-up with Ripple earlier in August last year, stated:
“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”
This development unfolded days after the cryptocurrency regulatory framework was issued in the country through Cagayan Economic Authority Zone. The rules named – Digital Asset Token Offering (DATO) were created with the fundamental aim to bolster innovation in the crypto space and catapult mainstream adoption of the digital asset, all while safeguarding the interest of investors.
In a country where more than 70 percent of the adults don’t hold any bank accounts, striding into the world of crypto by integrating the traditional banking establishment and digital assets, is indeed a big step.