Union Bank of the Ph Launching a crypto ATM

[wilbur]

Filipinos guess what

Union bank of the philippines, one of the biggest bank in the Ph, supported by BSP, is going to launch a crypto ATM for pinoys. Although they didnt say what coin will it be, but this is another huge step for the virtual currencies. 

I personally like this because it will be more easier now to trade and exchange fiat to cryptos.

Source: https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

[xtinepink]

Great news for us. Not sure if this is the first time but I think this will make easier for us especially because Union Bank is also available in coinsph for deposit and withdrawal of cryptos. Yipee! 

[Threcnom]

Great news indeed! Hope other banking institutions follow as well.

[wilbur]

25 minutes ago, Threcnom said:

Great news indeed! Hope other banking institutions follow as well.

BSP supports crypto currency. If the central bank supports it then it is more likely that more banking institutions will follow too

[wilbur]

3 minutes ago, gepozbtc said:

wow nice naman parang ripple ata ung crypto na un..

Bro english please haha I think the ripple ATM was not pushed through 

[gepozbtc]

5 minutes ago, wilbur said:

Bro english please haha I think the ripple ATM was not pushed through 

ops... sorry heheh.. I want to know what coinph will say about this..

 

[wilbur]

8 hours ago, gepozbtc said:

ops... sorry heheh.. I want to know what coinph will say about this..

 

Coins.ph is a different story but if they know this then they will definotely support this. It will make their job easier.

[wry]

More outlets for BTC the better!  What kind of know your customer regulations are there in the Philippines?  It seems to me that is usually the downfall of most BTC ATMs so far, it becomes so cumbersome to use them (and the fees are high) that it really doesn't help as much as it should.

Don't get me wrong, this is good news, but I'm just wondering if there will be any institutional barriers for these machines.

[wilbur]

2 hours ago, wry said:

More outlets for BTC the better!  What kind of know your customer regulations are there in the Philippines?  It seems to me that is usually the downfall of most BTC ATMs so far, it becomes so cumbersome to use them (and the fees are high) that it really doesn't help as much as it should.

Don't get me wrong, this is good news, but I'm just wondering if there will be any institutional barriers for these machines.

If the KYC of coins.ph (our lobitcon wallet) just a selfie of your valid ID for level 1 (perks, can withdraw and can deposit bigger amt)

Level 2 requires proof of billing of the said address (perks, higher withdrawal and higher cash in limit) 

This goes on.

And about Union Bank is that the same as filling up your bio data then maintaining balance (5,000 pesos, 100$) 

The exchange rate is usally lower if you sell and higher when you buy by 200$

So example if you buy bitcoin for 2000$ you can sell it to 1800$

[skillex]

14 hours ago, wilbur said:

Filipinos guess what

Union bank of the philippines, one of the biggest bank in the Ph, supported by BSP, is going to launch a crypto ATM for pinoys. Although they didnt say what coin will it be, but this is another huge step for the virtual currencies. 

I personally like this because it will be more easier now to trade and exchange fiat to cryptos.

Source: https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

This is really a very great news to us filipinos. Thanks for the share. With this, there will be opened new online crypto wallet also aside from coins.ph which is now so grossy because of its fucking overpriced fees.

[wilbur]

4 minutes ago, skillex said:

This is really a very great news to us filipinos. Thanks for the share. With this, there will be opened new online crypto wallet also aside from coins.ph which is now so grossy because of its fucking overpriced fees.

Bro overpirced indeed slow transaction for the price of fast transaction like wtf. Filipinos really

[williamshennie9]

ATMs that exchange crypto may have high fees, but I think it is worth it considering the convenience and practicality of it. I would most definitely make use of one if it came to my city

[skillex]

5 minutes ago, wilbur said:

Bro overpirced indeed slow transaction for the price of fast transaction like wtf. Filipinos really

You're right. They bully us too much treating us like we're just new to crypto. Hoping this will be corrected. Or maybe they are somehow overpriced since they have no rivals in crypto wallet here in philippines.

[Demarkus89]

I don't use Union Bank of the Ph but good news. I hope all banks will launch crypto atm

[truemeng]

Union Bank has always been highly focused on innovation, technology and the likes, so not really surprised much here. but IT IS a good news.  Maybe even better for us who are outside the country when sending money back home

 

43 minutes ago, wilbur said:

Bro overpirced indeed slow transaction for the price of fast transaction like wtf. Filipinos really

and yeah. i mostly don't use coins.ph anymore unless i need to pay something back in ph. Fees are too high for the slow transactions. even cashing in takes hours or even a day to go thru. -.-

[wilbur]

6 hours ago, truemeng said:

Union Bank has always been highly focused on innovation, technology and the likes, so not really surprised much here. but IT IS a good news.  Maybe even better for us who are outside the country when sending money back home

 

and yeah. i mostly don't use coins.ph anymore unless i need to pay something back in ph. Fees are too high for the slow transactions. even cashing in takes hours or even a day to go thru. -.-

exactly that's why i opened a Union bank account months ago

but where do you withdraw then if not coins.ph?

[truemeng]

15 minutes ago, wilbur said:

exactly that's why i opened a Union bank account months ago

but where do you withdraw then if not coins.ph?

i use the wallet / Trading platform here in UAE.  i Withdraw it in dirhams. maybe ill open a Union account the next time i take a vacation.

[ceastem]

This is very good news! I just hope that they will charge much less fees than coins.ph

The only problem is that only few percentage of filipinos that are currently aware of bitcoins or other alt coins at the least. We are all spread aroubd the country (some abroad) so they will need to place those said atms on different locations.

[blueprints]

Wow that must be good news! But I have one question. 

Will this bank be able to cover most of the phillipines or will it only be in like a few cities? 

I ask because here in the USA, there are some bitcoin ATM's but the closest one to me is like a few hours away! The region where im at doesnt really have any of these atm's sadly  But USA is pretty big. I hope they keep expanding and also hope the bank is able to provide this atm for most of phillipines. 

[truemeng]

15 minutes ago, ceastem said:

The only problem is that only few percentage of filipinos that are currently aware of bitcoins or other alt coins at the least. We are all spread aroubd the country (some abroad) so they will need to place those said atms on different locations.

 

3 minutes ago, blueprints said:

Will this bank be able to cover most of the phillipines or will it only be in like a few cities? 

i think, as it is will be limited specially on the first run, they would just post those machines on locations where it's populated by bitcoin users (if it's BTC atms). Those could just be pulled out of the KYC data. Maybe mostly on the Metro Area. 

[Kate]

Well thats a very huge and good news for you which is great. Hope banks in my country do the same. Dying to get one in my country

[bmg]

The idea of putting crypto atm's everywhere  all around the world is the best thing for crypto and also for consumers.  I am thrilled for Ph.   

[gepozbtc]

im very excited I hope its really sooner..

[675675]

I would like for crypto ATM to be launched in our city, it’s a pity that it’s not so common

[polor12]

wow this the first time hearing this.. at least i know Ph are doing there best in a economic wise.. and seeking new ways to build its economy up.. minor steps im guessing.. at least they know when an opportunity comes it should be taken.. but i hoping they wont go the route other countries are by banning and punish those who are up for btc.. i wonder if i purchase from the ph would it differ if i purchase from the US.. because the exchange rate of currency differs.. will the value of the btc different from one country to another by the purchase i mean..