Crypto automated teller machines (ATMs) are growing in popularity, allowing holders of cryptocurrency to exchange their money for crypto tokens. One of the most recent launches is being planned for the UnionBank of Philippines, which plans to launch an ATM that provides a means to trade digital assets for Philippine Pesos.
The launch is a collaboration between the UnionBank of Philippines and Coins.ph, an e-wallet that is backed by xRapid. Chairman of UnionBank, Justo A. Ortiz, spoke recently on the deployment of these machines, stating,
“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already.”
Cross-border payments with Coins.ph provides a solution to cost, scalability, and even transfer time, as a result of the support from xRapid by Ripple.
Along with the use of Ripple’s XRP token, the other digital assets compatible with Coins.ph include Bitcoin, Bitcoin Cash, and Ethereum, though there could be more to come. Presently, the tech firm is the go-to place for cryptocurrency trading within the Philippines.
Coins.ph has about 5 million users right now, and they have been working for mass adoption that would essentially lead to banking services for the most remote of areas. The use of xRapid as its blockchain tech simply increases the benefits and speed.
The CEO and founder of Coins.ph, Ron Hose, had discussed the support from Ripple in an interview in August 2018. At that time, he said,
“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.”
The launch of their new platform came just after the Cagayan Economic Authority Zone had established their own regulations for using cryptocurrency in the area. The goal of the regulations is to improve the innovation made in the country towards expanding the cryptocurrency sector and increasing mainstream adoption of this technology. However, the rules also protect the interest of investors.
Considering that there are over 70% of adults in the country that have not been able to establish bank accounts, the support of cryptocurrency is life-changing.
With no bank account needed to participate in cryptocurrency, these unbanked citizens are no longer pushed to the side of the economy and left to their own efforts instead.