Crypto users’ greeds are increasing more and more these days. The latest innovation that is gaining a lot of popularity is the crypto ATMs. Recently, crypto ATMs were provided in some part of the US. Now, the Philippines is going to have the service of crypto ATMs in the country.
One of the largest commercial banks in the Philippines ‘Union Bank of the Philippines’ is looking forward to execute its plans to launch an ATM service for cryptocurrencies. The bank is planning to provide trading service for cryptocurrency to fiat (Philippine Pesos) and vice versa. The bank is developing the ATM design in collaboration with Coins.ph, an e-wallet that is powered by xRapid. The machine is designed to be a two-way machine, which enables both, selling and purchasing of the crypto assets. With the launch of such ATMs in the Philippines, the local users will have easy access to cryptocurrency trading.
Here, Chairman of UnionBank, Justo A. Ortiz gave details of the implementation of these ATMs. he said,
“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already.”
Coin.ph is powered by Ripple’s xRapid, which makes it provide a solution considering factors like cost, scalability, and also transfer time, as far as Cross-border payments are concerned. The crypto firm Coins.ph holds around 5 million users at present. Coin.ph is actively working to encourage mass adoption of cryptocurrency, making even remote areas aware of the crypto market. As the firm will use xRapid as its blockchain tech, it will increase the benefits and speed for the upcoming crypto ATMS. Apart from XRP, Coin.ph provides support for cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH].
Previously, The CEO and founder of Coins.ph, Ron Hose talked about the firm’s connection with Ripple. He noted at the time,
“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.”
Coming back to the crypto ATM, its launch will make a significant impact on the overall crypto market. The Philippines was one of the trendsetter countries to regulate cryptocurrencies as a recognized asset class. The country has also embraced cryptos as payment mediums.