The lender partnered with financial technology company Coins.ph to enable the system and announced it launched the country’s first bank-operated and two-way virtual currency ATM located in its digital branch “The ARK” in Makati City.
Compliant with the regulations of the Bangko Sentral ng Pilipinas (BSP), UnionBank’s virtual currency ATM allows its account holders with cryptocurrency wallets to withdraw cash straight from their funds as well as buy and sell currencies on the spot.
UnionBank Chairman said the bank put in place the teller machine for cryptocurrencies to meet client demand, according to Business World.
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