Local reports suggest that Union Bank of Philippines which also happens to be one of the largest banks in Philippines has launched country's first crypto ATM. The bank said in an official statement that the purpose of the ATM was providing local users a comfortable way for converting fiat currency into the cryptocurrencies and vice versa.
The crypto ATM developed and distributed by the Union Bank is a two-way machine which allows users to sell and buy cryptocurrencies. Union Bank said in a statement, "We strive to evolve our technology and help our customers cope with the challenges that surround them. For clients who use digital currency, this ATM will be providing clients an alternative channel for converting the fiat currencies to virtual currencies and vice versa." Although the Union Bank has only launched one crypto ATM, they plan to establish more such ATMs after evaluating the needs of the customers. With this step, it has also become the first major commercial bank which has worked with the central bank of the country for planning the launch of a crypto ATM. Pantera Capital CEO Dan Morehead has recently affirmed that one in every ten adult use Coins.ph for exchanging cryptocurrencies in Philippines. A large number of people use cryptocurrencies in Philippines and the lack of viable banking options for a large portion of the local population has given a boost to it. This step taken by Union Bank of Philippines might give a boost to the people who are thinking about investing their money in cryptocurrencies.