Union Bank of the Philippines, the ninth-largest lender in terms of assets and controlled by the Aboitiz Group, launched recently the country’s first Bangko Sentral ng Pilipinas-compliant, two-way cryptocurrency automated teller machine, making it among the first in Asia to do so.
Union Bank president and chief executive Edwin Bautista said blockchain was an integral part of the bank’s strategy, starting with the “introduction” of its crypto mining rig called “ERB” to the release of the first blockchain banking sector use-case last year.
“As a bank, our role is to facilitate exchange, and so, together with our partners, we have launched this project,” he said.
The virtual currency ATM allows owners of cryptocurrency wallets to withdraw cash straight from their funds and sell and purchase virtual currencies on the spot. To use the service, users musts have a Union Bank account and a virtual currency wallet.