Cryptocurrency ATMs launched in Philippines

By Olivia Minnock
UnionBank (or Union Bank of the Philippines), one of the largest banks in the Philippines, is launching a cryptocurrency ATM, according to Filipino medi...

UnionBank (or Union Bank of the Philippines), one of the largest banks in the Philippines, is launching a cryptocurrency ATM, according to Filipino media reports.

The Philippine Star reported the news last week, citing a statement from UnionBank which said: “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.”

According to the press, the company launched its first two-way cryptocurrency ATM at the beginning of February – but it has not yet been revealed which cryptocurrencies can be dealt with using the machine.

The introduction of these new ATMs is part of UnionBank’s collaboration with the central bank of the Philippines (BSP) in which it tries to develop innovative solutions for citizens. The BSP has been working on regulating virtual currency exchanges, having established a formal framework for this in 2017, following the rise in these exchanges.

 

Share

Featured Articles

Onfido acquires digital ID verification pioneer Airside

Onfido is targeting financial services with the acquisition of Airside, a digital ID verification company that until now has focused on the travel sector

Ripple targeting crypto custody with $250mn deal for Metaco

Ripple is acquiring crypto custody specialists Metaco in a deal worth US$250mn, as it continues to target institutional uptake of digital assets

Top 10 Chief Financial Officers (CFOs) at Fintech Companies

We've picked out the oft-overlooked CFOs and chief financial officers at some of the largest fintech companies in 2023

ClearBank CEO on the state of banking and plans for growth

Banking

Interview: EY on the state of banking and M&A post-SVB

Banking

How emerging markets will reshape the future global economy

Financial Services (FinServ)