UnionBank, short for The Union Bank of the Philippines, said on November 2 that it would begin offering Phillipines Bitcoin Trading custody and trading services to a limited number of retail customers as part of a trial programme.
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The new investing and trading function from UnionBank was launched online via Harmonize, a digital asset platform created by Metaco, a Swiss crypto technology startup. UnionBank and Metaco established their first crypto trading services joint venture in January 2022.
In UnionBank’s Crypto Since 2019
UnionBank, a Philippine financial institution licenced and regulated by the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has been conducting extensive research into the cryptocurrency sector recently. In 2019, UnionBank was the first financial institution to launch a stablecoin tied to the Philippine peso and designed specifically for making payments.
Henry Aguda, UnionBank’s CTO and CTO of transformation, credits Metaco for helping the bank meet its goal of providing “customer-centric” services in the Philippines. He went on to claim that UnionBank was one of the earliest regulated adopters of cryptocurrencies in the United States.
As the first federally chartered bank in the country to offer digital currency exchange services to its customers, UnionBank is happy to continue its tradition of innovation.
The Philippines’ previous president, Ferdinand Marcos, had just emphasised the importance of adopting blockchain technology for use in digital banking and digital commerce before the statement was made.
The record of UnionBank in providing chances through innovation and digital solutions in the financial sector is uncontested, Marcos said in a formal speech in September 2022.
Source: Google Trend