Bitcoin Rises in PH with New Investment & ATM Launch

May 12, 2015

Bitcoin in the Philippines

Bitcoin has yet again diversified its horizons by reaching the Philippine islands with movements toward cryptocurrency adoption, proving its heightening effect to the country and to the whole world.

Philippine-based Bitcoin Company Satoshi Citadel Industries (SCI) has strengthened its influencing power in favor of the Bitcoin industry by receiving a $100,000 investment from Joe Maristela, a healthcare entrepreneur.

Moreover, the Bitcoin Philippines Corporation (BPC) recently launched the first two-way Bitcoin ATM in the country, contributing to the widespread acknowledgement of Filipinos to Bitcoin.

Philippines’ progressive adoption to Bitcoin

SCI and BPC, both advocates of cryptocurrency expansion, certainly made a significant impact to the global evolution of the Bitcoin ecosystem because of the undeniable success of their respective proceedings.

Following Maristela’s investment, SCI sees a brighter future for the cryptocurrency in the country and consequently challenges conventional businesses to also invest and support the advancement of cryptocurrency in the country.

According to the healthcare tycoon, the reason behind his investment in Bitcoin is his belief that this innovation can alleviate poverty and boost the Philippine economy to greater heights.

In addition, his decision to invest with SCI has been greatly influenced by the company’s astounding accomplishments  since its inception in 2014. Furthermore, he plans to invest in rising Bitcoin startups in the country:

“At the end of the day, I look at the team. If a startup has strong co-founders and what they are working on can positively shape the Philippines, then you can bet that I will be first in line to invest in them.”

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On another note, the launch of BPC’s Bitcoin ATM has made it possible for Filipinos to conveniently access Bitcoin in the Philippines. This automated teller machine was made public since the last weeks of April and was officially launched on May 5, 2015. It is now servicing Bitcoin users 24/7.

Distributed by San Diego-based software company Genesis Inc., it is the first two-way Bitcoin ATM in the country where Filipino Bitcoin users can buy Bitcoin, get cash, and even create their own online wallet through the single kiosk.

With all these feats, it is certain that Bitcoin will play a vital role in revolutionizing the Philippine economic landscape.

Incoming Bitcoin casino trend in the region

Together with the widespread acceptance of Bitcoin comes the acknowledgement of Bitcoin casinos. As Bitcoin starts to become part of Philippines’ economic system and with the simultaneous growth of the country’s interest in casinos the development of the online Bitcoin casino gaming is foreseeable.

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With laws regulating the operations of online casinos in the country, online betting venues like Casino178, a Vietnam-based Bitcoin casino that targets Asian bettors, will most likely gain a number of Filipino patrons and generally benefit from this development.