Ukrainian firm unveils bitcoin ATMs in PH, eyes OFWs

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Ukraine-headquartered firm AITrades has officially unveiled its bitcoin operations in the Philippines and is eyeing the potentially huge overseas Filipino workers (OFWs) base as a potential target market.

Photo shows RV Palafox, president of AITrades Philippines (left) and Mark Davis, chief communications officer of AITrades Philippines, during the launch of AITrades Philippines and cryptomatic ATMs

The company, at its Philippine launching, disclosed that it is a management company for those interested to participate in bitcoin trading, a new and emerging “market” where bitcoins (or cryptocurrencies) are bought, store, and sold online.

RV Palafox, president of AITrades Philippines, said the company “is not a trader” but operates like a bank in managing finances and trading in all cyrptocurrency platform.

There are 400 exchanges in the world for cryptocurrencies, and what company does is find the lowest price of any of the cryptocurrencies being traded worldwide, using people and artificial intelligence (AI) bots.

AItrades is a “cryptocurrency mangement company,” Palafox said adding that AItrades can provide this through “arbitrage”.

One of the main differences of AITrades from other cryptocurrency companies, according to Palafox,  is that it has a “product” in the form of an automated teller machine (ATM) that allows for bitcoin transactions.

The bitcoin ATMs were unveiled in the company’s official Philippines launch. Palafox said AITrades is the first and the only cryptocurrency company with the cryptocurrency ATMs.

According to Mark Davis, chief communications officer of AITrades Philippines, the bitcoin ATMs allows for transactions, such as “buying and selling” of bitcoins. Buy and selling from a terminal “bypasses difficulties,” Davis said.

The executive said one of the most questions searched online is “How do I buy bitcoins?” and the ATMs make it easier for potential investors to engage in bitcoin trading.

AITrades said its “cryptomatic” machines are currently in use in more than 25 countries and are based on German technology. Davis further said the Philippines is one of the most important markets for AITrade due to the country’s huge population of OFWs

Bitcoin ATMs are said to connect to bitcoin “exchanges” and not banks. It can be recalled that bitcoin trading enjoyed a boom when a single bitcoin reached an all-time price of almost $20,000 in early before 2017 “losing” 50% of it value by yearend.

AITrades said that while the future value is unknown, there will never be more than 21 million bitcoins, and approximately 17.5 million are already in circulation. There are also currently 32 million blockchain wallets, it added.

Blockchain is the technology behind bitcoin trading. Blockchain, as defined by Blockgeeks Inc. “is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).”

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