Union Bank of the Philippines, commonly known as Unionbank, has announced the launch of another crypto service for its clients. Financial institutions will offer mobile app users the option to exchange bitcoins and other digital currencies without a separate wallet.
Unionbank to Add In-app Crypto Exchange Feature, First Reported in the Philippines
The Union Bank of the Philippines (Unionbank) used to be the first universal bank in the country to facilitate the exchange of cryptocurrency on mobile applications. Users will be able to buy and sell cryptocurrencies such as bitcoin directly from the banking app, the lender said, without having to own a third-party wallet.
In a statement quoted by the ABS-CBN broadcasting network, Unionbank indicated that blockchain is the technology that will power the future of banking. “At the same time, we also recognize that cryptocurrency has become one of the services that many customers, especially the young generation, have been looking for, and this demand has accelerated due to the pandemic,” said Cathy Casas, head of digital assets. market, blockchain and application programs.
Unionbank, which is one of the top 10 banks by assets under management in the Philippines, has become a crypto-friendly institution. About a year ago, announced preparations for a pilot service is on hold for cryptocurrencies, and in January of this year, the bank unveiled plans to facilitate it crypto trading.
The new exchange functionality will initially be offered to randomly selected users of the banking app, Unionbank said, but confirmed that more will be rolled out in the future. Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda has been quoted as saying:
Not only does this help us ensure that our banks are better prepared for the future, we are also able to meet the needs of our customers who use cryptocurrencies.
The top executive added that the in-app crypto exchange feature is one of the projects the bank is working on as it prepares to enter the metaverse. Another initiative in the same direction is the partnership with NFT games Art of Dreams announced in April. The bank is also planning to launch its Metaverse Center of Excellence in the coming months.
While the platforms of some digital banks in the Philippines, like Maya, already offer exchange options for crypto assets, Unionbank will be the first traditional lender to implement it. The bank is a licensed cryptocurrency exchange. Bangko Sentral ng Pilipinas, the country’s central bank, is the licensing authority for crypto trading platforms and service providers in the Philippines.
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