UnionBank Will Offer Cryptocurrency Trading Soon: Report

UnionBank Will Offer Cryptocurrency Trading Soon: Report

The best digital bank in the Philippines is up to something new again. UnionBank might just offer trading and custodial services for cryptocurrency soon.

Unionbank Wants to Manage your Cryptos

Due to the fast-growing adaptation of digital tokens, UnionBank is considering the idea as a way to  “future-proof its banking business,” according to Cathy Casas, head of the bank’s blockchain and application programming interface group. 

She further added that the average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets like Bitcoin in five years assuming markets are “stable.” Many of them are young people, earning tokens from play-to-earn virtual games.

As for UnionBank’s custodial services for digital assets, it will be capable of covering tokenized bonds. In addition, the bank will use the system developed by Switzerland’s Metaco for managing the digital-asset operations.

UnionBank is the first bank in the country to launch its own stablecoin, which is the PHX. It provides all the rural banks in its network easier access to remittances and payments.

Despite the enthusiasm of UnionBank with cryptocurrency , Philippine central bank Governor Benjamin Diokno has cautioned against them, saying they could “pose a danger to the financial system” as they are “very vulnerable” to illicit activities like money laundering and terrorist financing.


Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Latest Reviews

Best Phones in the Philippines

Best Guides

Recent Posts