February 13, 2019, Manila – Leading mobile wallet Coins.ph is reported to be integrated with upcoming cryptocurrency automated teller machine (ATM) that will be launched by UnionBank of the Philippines.
UnionBank chairman Justo Ortiz said in an interview that the said crypto ATM, which will be housed at its ARK branch in Makati will be integrated with Coins.ph. Mr. Ortiz said the ATM is already in the branch. (Read More: Philippines UnionBank Set to Launch Crypto ATM)
The crypto ATM will enable users to buy and sell crypto for fiat. In a statement, UnionBank said this ATM will provide users with an alternative channel to convert fiat with cryptocurrencies. The bank recognizes that its clients have evolving needs, and one of those is a way to partake in virtual currencies such as bitcoin.
Coins.ph is a leading crypto and peso wallet in the Philippines. Its last reported number of customers stands at 5 million. Users use Coins.ph not just for cryptocurrencies but with its other services – such as payment of utilities, bills, and even mobile load. Recently, it was acquired by Go-Jek, an Indonesian company engaged in ride-sharing, financial, and mobile payment services. Currently valued at $9.5 billion, it is one of Southeast Asia’s Unicorn (companies valued at $1 billion and up) and its expertise in mobile payments via its GoPay service is found valuable for Coins.ph. (Read More: The Many Ways to Buy Bitcoin in the Philippines)
Recognized as a big step towards cryptocurrency adoption, there are existing crypto ATMS already available in the Philippines. The first was launched in 2014 by SCI Ventures, which is now another leading blockchain firm in the country.
This is another one of UnionBank’s effort to promote crypto and blockchain in the country. The bank also established a “blockchain institute” to train individuals and make the country a blockchain talent capital. Additionally, it is making a big push on modernizing its operations. One example is the ARK branch, where most banking services are done digitally instead of using paper.
This article is first published at BitPinas on February 13, 2019: Philippines Coins.ph To Integrate with UnionBank’s Crypto ATM