Ukraine-based crypto platform AITrades is now in the Philippines.
This after the company unveiled its automated teller machines (ATMs) dedicated to buying and selling bitcoins.
These “cryptomatic” machines, as they are called, are currently being used in over 20 countries all over the world.
Now, that list already includes the Philippines.
“Philippines is a very important market,” says AITrades Chief Communications Officer Mark Davis during the event launch. “There is a huge following of cryptocurrencies here.”
AITrades Philippines President RV Palafox is quick to delineate between what the company is and is not.
“AITrades Philippines is not a trader, ” Palafox says in the same event. “It is a cryptocurrency management company that uses the power of artificial intelligence to give accurate cryptocurrency-related data so investment decisions can be made almost instantenously.”
One of the identified targets of the company’s bitcoin operations is remittances especially since the number of overseas Filipino workers (OFWs) have consistently risen year after year.
Last year alone, remittances breached the $2 billion mark.
By enabling bitcoin transactions through its cryptomatic machines, AITrades will accord OFWs more private and secure remittance options with the chance to invest in said cryptocurrency.
As of press time, bitcoin holds fast to a value of a little above $5000. Despite its volatility, it remains to be the top cryptocurrency in terms of value and trade volume.
AITrades Philippines is set to roll out its cryptomatic machines in key cities in the Philippines throughout the year.