Union Bank of Philippines Announces Cryptocurrency Services

• Clients may use the service by downloading the bank’s mobile app.
• The goal of the trial run is to find any technical issues that may arise.

Because of the recent surge in popularity of cryptocurrency, even more, conventional financial institutions like banks are beginning to provide cryptocurrency services in an effort to hold on to their clientele.

It has been reported by the Philippine media outlet Inquirer.Net that Union Bank of the Philippines is the first financial institution in the nation to provide cryptocurrency trading services to its customers.

Union Bank of the Philippines clients may use the service. This can be done by downloading the bank’s mobile app. The software also allows Union Bank users to purchase and trade Bitcoin, the biggest cryptocurrency by market capitalization. Moreover, without the need for a separate wallet service.

Best of Both Sides

Filipinos will have a less complicated and more accessible way to trade in and out of the best asset class. During the first rollout, certain Union Bank clients may have access to the virtual asset feature on their mobile app while others may not. The goal of the trial run is to find any technical issues that may arise with the new function. If everything went as planned, the report said, a complete deployment would be implemented. Moreover, with the approval of the Bangko Sentral ng Pilipinas (BSP), the launch may go forward.

Union Bank’s Sr. Exec. V. P. & Chief Technology Henry Aguda said,

“By launching this new feature, we are hitting two birds with one stone —future-proofing the Bank and satisfying the needs of customers who use cryptocurrencies.” 

Following its April cooperation with the non-fungible token (NFT) project Ark of Dreams, Union Bank made its first foray into the Metaverse.

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