Philippine Union Bank launches crypto ATM with Ripple's xRapid-powered Coins.ph
The cooperation between Philippine Bank and Coins.ph will make it possible to trade Philippine pesos' digital assets using encrypted ATMs.
Cryptocurrencies are slow but are bound to shift to a broad audience. Thanks to the joint initiative of many agencies and companies, their use is becoming easier and they do not require any complicated procedures to obtain them.
One of the easiest ways to interact with digital assets is to move to the increasingly popular crypto ATM service.
Crypto ATM in the Philippines
According to reports, United Bank of the Philippines will launch a cryptocurrency ATM. With these ATMs, cryptocurrency assets can be exchanged for the national fiat currency, the Philippine Peso.
To achieve its plans, the bank will partner with Coins.ph, an e-wallet and financial services company backed by xRapid.
Commenting on their initiative, Justo A. Ortiz, chairman of United Bank, said:
"We will build a Bitcoin ATM on our Ayala street. The ark [branch]. The machine is already here."
Coins.ph is the leading technology company in the country's cryptocurrency trading industry. It has more than 5 million customers and is working to make cryptocurrencies closer to people.
Leveraging the capabilities of Ripple's xRapid technology, Coins.ph provides a cost-effective and time-efficient cross-border payment solution, providing complete transparency and scalability of transactions. But the opportunities it offers are not limited to XRP. It also supports Bitcoin, Bitcoin Cash and Ethereum.
Last year, Ron Hose, CEO and founder of Coins.ph, commented on their partnership with Ripple by:
"We are excited to partner with Ripple to bring the benefits of blockchain technology to cross-border payments, making it easier for more than 10 million overseas Filipino workers to pay for remittances."
xRapid ss future
But Coins.ph is not the only partner Ripple is satisfied with its products. Today, Ripple has more than 200 customers worldwide, including many banking institutions in India, South Korea, Japan and the Middle East, which are very open to innovation.
But its cutting-edge technology capabilities are not only recognized in Eastern countries. For example, Eva Kaili, a member of the European Parliament, speaking at a rippled regional event in London, said that today blockchain technology has spread to many areas and politicians have no right to stop it.
"Essentially, borders are not recognized. Unstoppable. We [hopefully] use it to connect Europe, remove barriers, and make people understand that it can be used well," she said.
Mercury FX CEO Alastair Constance noted the special role of Ripple technology in this process, adding that xRapid is the future. He says:
"Ripple offers an opportunity so that we can say we have opened this market and we can come here to trade freely at the best speed and cost."
Using the capacity of xRapid, this year, Mercury FX managed to make a transaction involving approximately $ 45.52 million in capital. This money has been transferred from the UK to Mexico, which is a good example of the mainstream use of cryptocurrencies.