While talking about the countries with a prominent Bitcoin ecosystem, the majority of the crypto investors instantly recalls the U.S., Singapore, Malta, Japan, and South Korea as their supportive places. Though, there are many on the other side that draws very little attention to the Philippines, which is a country seemingly to fill up the brim with relevant cryptocurrency users.
One such news says about the large financial institution operating in the Philippines that made a notable pro-crypto move. This step intends to potentially spark mainstream adoption into the Asian nation.
Union Bank of Philippines Launches Two-Way Crypto ATMs
The report is about Union Bank of Philippines which is basically the seventh largest banking company in the country. The bank is preparing to launch a crypto asset ATM aka automated teller machines. The news reporter Philippine Star broke this news which cites a Union Bank press statement.
According to the statement, earlier this week, Union Bank has introduced its first two-way digital ATM. Currently, the company allows customers to buy/sell assets including Bitcoin for pesos. They have purportedly partnered with the Bangko Sentral ng Pilipinas, which is the central bank of a nation.
Both banks aim to ensure about their newfangled offering to be working with compliance. However, the institution holding over 300 branches known as Manila-headquartered firm, remarks:
In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.
Moreover, Joseph Young also posts a comment on Twitter about the proactivity by Union Bank in the crypto space. According to him, it is not only better for regulation, but also good for awareness and adoption.
HUGE: Union Bank of the Philippines is reportedly launching two-way crypto ATMs in the Philippines.
UB is one of the largest banks in the Philippines and has been proactive in the crypto space.
Good for crypto regulation, adoption, and awareness.https://t.co/YTVHnKzRZh
— Joseph Young (@iamjosephyoung) February 10, 2019
At the moment, there are no reports indicating Union Bank to inaugurate plans for more than a few Bitcoin ATMs. However, this announcement only cites the growing industry theme regarding ATMs.
Bitcoin Depot which is a subsidiary at Lux Vending is also preparing to prop up 30 ATMs in Chicago. Moreover, this platform will likely offer Ethereum, Bitcoin, along with various digital assets.
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