Union Bank of the Philippines (also known as Unionbank) has revealed the launch of a new crypto service to its customers. Users of the mobile app will be able to convert bitcoins and other digital currencies directly from their bank accounts.
Unionbank will add In-app Crypto Exchange to its Feature List, Reportedly the First in the Philippines
Union Bank of the Philippines, or Unionbank in the Philippines, is working hard to be the first national bank to allow cryptocurrency trading via its mobile app. The lender stated that users will now be able buy and sell cryptocurrency such as Bitcoin directly through the app. This eliminates the requirement for a third party wallet.
Unionbank, in a statement that was quoted by ABS-CBN’s broadcasting network said that they believe blockchain technology will revolutionize banking. “At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic,” commented Cathy Casas, head of digital asset markets, blockchain and application programming.
Unionbank, one of 10 top banks by assets under administration in the Philippines has already been recognized as a crypto-friendly bank. The bank announced in December 2017 that it was planning to offer a crypto custody service. It also unveiled plans for cryptocurrency trading.
Unionbank stated that the new exchange functionality will be initially offered to pre-selected users only of its banking app. However, it plans on expanding the rollout over time. Henry Aguda, Senior Executive Vice President and Chief Technology and Operation Officer and Chief Transformation Officer was quoted saying:
We are able to service the needs of our cryptocurrency-using customers, not only is this more future-ready but also helps ensure we’re better prepared.
Top executive said that in-app crypto trading is one of the initiatives the bank is currently working towards as it prepares for entry into the metaverse. In the same vein, the bank announced in April a partnership with NFT gaming game Art of Dreams. A Metaverse Center of Excellence will be launched by the bank in the following months.
Unionbank is the first traditional lender to offer an exchange for cryptocurrency assets. Unionbank is licensed to operate a cryptocurrency exchange. Bangko Sentral ng Pilipinas, the country’s central bank, is the authority that issues licenses to crypto trading platforms and service providers in the Philippines.
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