Union Bank Installs Cryptocurrency ATMs In The Philippines

Union Bank rolls out the first crypto ATMs in the Philippines, Business World reports. This decision was taken as a measure in response to the growing demand from bank customers.

The Philippines is one of the most crypto-friendly states in the world. Union Bank planned to launch two-way cryptocurrency ATMs in February, after receiving approval from the central bank of the country, but due to unforeseen delays, this decision was postponed until April.

The first ATM operates at The ARK, the Union Bank branch located in Makati City. It is available only to bank customers who already set up a cryptocurrency wallet. They will be able to withdraw cash straight from their bank account, as well as buy and sell cryptocurrencies on the spot. The technology of ATMs was developed and maintained by Coins.ph FinTech company.

Currently, around 4,500 cryptocurrency ATMs are installed in the world, most of them are located in the USA. Most deal only with Bitcoin (BTC), but ATMs with support for altcoins such as Litecoin (LTC) and Dash (DASH) are also being installed.

Image courtesy of Union Bank