Users Will Need A Bank Account To Use The New Bitcoin ATM’s From UnionBank

Users Will Need A Bank Account To Use The New Bitcoin ATM’s From UnionBank

Users that want to use the new UnionBank (UBP) will need a bank account. UBP Is the seventh largest bank in the Philippines and it entered the cryptocurrency ATM market this week. If there is an interested customer in using these ATMs, it will need a bank account to exchange funds.

UnionBank Releases New Crypto ATMs

UnionBank has just launched its first Bitcoin bank-based ATM this week. The information was released by the bank during a conversation with Hard Fork. At the moment, the bank will only offer support for Bitcoin (BTC) but in the future, the intention is to add new digital currencies.

The first ATM is currently located in “The ARK,” the bank’s first digital branch that was launched back in November 2017. Users can easily use the new terminals in order to avoid a lot of paperwork.

In order to use the Bitcoin ATM at UBP, customers will need to provide a government issued ID and a UBP bank account. Users can withdraw cash from the machine after selling BTC or they can purchase the most popular virtual currency using it.

This is the second Bitcoin ATM installed in the Philippines after the first one was installed in 2015 in Makati. In the future, the bank is planning to roll out more crypto ATMs since it has already obtained regulatory approval to do so.

Institutions that want to install a cryptocurrency ATM in the Philippines must be approved by the Bangko Sentral ng Pilipinas (BSP) and be compliant with the local virtual currency regulations. They also have to be registered with the SBP and follow strict AML and KYC policies.

UnionBank Chairman Justo A. Ortiz commented about the new teller machine:

“Whenever we launch a new product, customer protection is always our primary concern. And because we want to elevate our customer experience, we envision creating a banking opportunity by co-creating them with our customers.”

At the time of writing this article, there are 4545 Bitcoin ATMs around the world. Almost 73% of them are located in North America and 23% in Europe. The rest is in other regions such as Asia, South America, Africa, and Oceania.

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