Union Bank of Philippines to Offer Crypto Trading and Custodial Services

3 months ago 79

Union Bank of Philippines to Offer Crypto Trading and Custodial Services

One of the largest banks successful the Philippines, Unionbank, is reportedly launching cryptocurrency trading and custodial services. “It’s a mode to future-proof our banking business,” said a Unionbank executive.

Philippines’ Unionbank to Offer Crypto Trading and Custodial Services

Union Bank of the Philippines (UBP), besides known arsenic Unionbank, plans to connection cryptocurrency trading and custodial services, Bloomberg reported Thursday.

Unionbank is 1 of the largest cosmopolitan banks successful the Philippines with implicit $15 cardinal successful assets nether absorption (AUM). The slope is 1 of the archetypal fiscal institutions successful the Philippines to follow cryptocurrency.

Cathy Casas, caput of the bank’s blockchain and exertion programming interface group, explained that the mean Filipino capitalist presently holds astir 1% to 2% of their idiosyncratic assets successful cryptocurrency, similar bitcoin. She added that if the markets are “stable,” investors would clasp betwixt 3% and 5% successful 5 years.

The Unionbank enforcement estimates that astir 5% of the section colonisation has dabbled successful cryptocurrency. She added that galore crypto investors are young people, immoderate of whom gain tokens from play-to-earn virtual games.

Casas commented:

It’s a mode to future-proof our banking business.

On Thursday, Metaco, a supplier of information bundle and infrastructure for the integer plus ecosystem, announced that Unionbank is implementing its integer plus absorption services. Metaco added that Unionbank is deploying services connected IBM Cloud.

The slope archetypal announced that it was piloting a crypto custody work successful August past year, noting astatine the clip that crypto assets are present to stay. Casas noted that the bank’s custodial work for integer assets volition see tokenized bonds.

The cardinal slope of the Philippines, Bangko Sentral ng Pilipinas (BSP), has cautioned against investing successful crypto. The cardinal slope warned that cryptocurrencies could “pose a information to the fiscal system” citing their vulnerability to illicit activities similar wealth laundering and violent financing.

Casas said:

We are making efforts to amended our clients besides via societal media, making definite that they are safe.

Unionbank is 1 of the licensed cryptocurrency exchanges approved by the cardinal bank. The slope launched its ain stablecoin, PHX, successful 2019 to supply agrarian banks successful its web with easier entree to payments and remittances.

What bash you deliberation astir Union Bank of the Philippines launching cryptocurrency trading and custodial services? Let america cognize successful the comments conception below.

Kevin Helms

A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.

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