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UnionBank of Philippines announced plans to launch cryptocurrency ATMs [ATM] in which users can exchange digital badets for Filipino pesos. To launch the launch, the bank will partner with Coins.ph, an e-wallet and financial portfolio services company powered by xRapid.
Justo A. Ortiz, President of UnionBank, on the deployment of digital currency teller machines, said:
"We will install a Bitcoin ATM in our Ayala Avenue. ARK [branch]. The machine is already there, "
Coins.ph used cross-border payment solutions, such as the cost and time efficiency, scalability and transparency provided by the xRapid platform. In addition to XRP, other major digital resources supported by it are Bitcoin. [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] until there. This Southeast Asian technology firm is a leading player in the country's cryptocurrency trading space.
With a clientele of about 5 million clients, Coin.ph has been striving to aggressively enforce its application to make banking accessible even to remote Aboriginal people, by supporting on the Ripple-xRapid blockchain technology.
Ron Hose, CEO and founder of Coins.ph, explained the following about joining Ripple earlier this past August:
"We are excited to partner with Ripple to bring the benefits of blockchain technology to cross-border payments, making the sending of home-based funds more affordable for the 10 million Filipino workers residing abroad."
This development took place a few days after the establishment of the regulatory framework for crypto-currencies in the country via the Area Economic Authority of Cagayan. The named rules – Digital Asset Offering (DATO) were created with the fundamental purpose of enhancing innovation in the field of cryptography and catapulting the growing adoption of digital badets. , while preserving the interest of investors.
In a country where more than 70% of adults do not have a bank account, entering the world of cryptography by integrating traditional banking and digital badets is a big step forward.
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