A Major Philippine Bank Just Launched Crypto ATMs and it May Fuel Massive Bitcoin Adoption

A woman walks past the Bitcoin ATM in Hong Kong, Thursday, Dec. 21, 2017. Bitcoin is the world’s most popular virtual currency. Such currencies are not tied to a bank or government and allow users to spend money anonymously. They are basically lines of computer code that are digitally signed each time they are traded. (AP Photo/Kin Cheung) According to local publications, Union Bank of the Philippines, one of the largest commercial banks in the Philippines, has launched the country’s first crypto ATM.

The bank said in an official statement obtained by Philstar that the purpose of the ATM is to provide local users an easy way to convert cryptocurrency to fiat and vice versa.

The crypto ATM developed and distributed by UnionBank is a two-way machine, allowing users to purchase and sell cryptocurrencies.

Source: Mike Abundo, Chief Technology Officer at Reelmedia, BitPinas.com

“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,” UnionBank said.