Fun

Union Bank of Philippines to Offer Crypto Trading and Custodial Services

News Feed - 2022-01-23 01:01:37

Union Bank of Philippines to Offer Crypto Trading and Custodial Services


One of the largest banks in the Philippines, Unionbank, is reportedly launching cryptocurrency trading and custodial services. “It’s a way 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), also known as Unionbank, plans to offer cryptocurrency trading and custodial services, Bloomberg reported Thursday.


Unionbank is one of the largest universal banks in the Philippines with over $15 billion in assets under management (AUM). The bank is one of the first financial institutions in the Philippines to adopt cryptocurrency.


Cathy Casas, head of the bank’s blockchain and application programming interface group, explained that the average Filipino investor currently holds about 1% to 2% of their personal assets in cryptocurrency, like bitcoin. She added that if the markets are “stable,” investors would hold between 3% and 5% in 5 years.


The Unionbank executive estimates that about 5% of the local population has dabbled in cryptocurrency. She added that many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games.


Casas commented: It’s a way to future-proof our banking business.


On Thursday, Metaco, a provider of security software and infrastructure for the digital asset ecosystem, announced that Unionbank is implementing its digital asset management services. Metaco added that Unionbank is deploying services on IBM Cloud.


The bank first announced that it was piloting a crypto custody service in August last year, noting at the time that crypto assets are here to stay. Casas noted that the bank’s custodial service for digital assets will include tokenized bonds.


The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has cautioned against investing in crypto. The central bank warned that cryptocurrencies could “pose a danger to the financial system” citing their vulnerability to illicit activities like money laundering and terrorist financing.


Casas said: We are making efforts to educate our clients also via social media, making sure that they are safe.


Unionbank is one of the licensed cryptocurrency exchanges approved by the central bank. The bank launched its own stablecoin, PHX, in 2019 to provide rural banks in its network with easier access to payments and remittances. Tags in this story Cryptocurrency Exchange, Philippines, Philippines Union Bank, Union Bank crypto, Union Bank crypto trading, Union Bank cryptocurrency, Union Bank of the Philippines, Unionbank crypto, unionbank cryptocurrency


What do you think about Union Bank of the Philippines launching cryptocurrency trading and custodial services? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Elon Musk Criticizes Twitter — Gets Blasted for Using Tesla to Promote Crypto, Dogecoin FEATURED | 5 hours ago El Salvador Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months FEATURED | 7 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleElon Musk Criticizes Twitter — Gets Blasted for Using Tesla to Promote Crypto, Dogecoin Next articleWorld’s Largest Asset Manager Blackrock Files for Blockchain Tech ETF Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion


JPMorgan has told its clients that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market due to sky-high transaction fees on the network. "It looks like, similar to defi apps, congestion and ... read more.UFC Partners With Dapper Labs to Launch NFT Collection "UFC Strike" Tom Brady"s Autograph NFT Agency Gets $170 Million in Series B Funding Round Indonesian Religious Organization Issues Decree Forbidding Use of Crypto by Country"s Muslim Population Bitcoin Price Slips Below $36K, BTC Dominance Increases, Billions Leave Crypto Economy

News Feed

Web3 Infrastructure Provider Alchemy Raises $250 Million in Funding Round Led by a16z
Web3 Infrastructure Provider Alchemy Raises $250 Million in Funding Round Led by a16z Alchemy, one of the leading infrastructure providers for blockchain and web3, has raised $250
Libra Shows Central Banks’ Failure on Cross-Border Payments: Riksbank
Facebook’s Libra has been a wake-up call for central bankers. Now one such official – Gabriel Soderberg of Sweden’s Riksbank – says cross-border payments are where policymakers need to play ca
XRP $15 Breakout? Not A Far-Fetched Idea—Analysis
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Prepping for an Airdrop: Prominent BCH Community Members Bid Bitcoin ABC Devs Farewell 
Prepping for an Airdrop: Prominent BCH Community Members Bid Bitcoin ABC Devs Farewell On August 18, 2020, the Bitcoin ABC development team announced a “feature freeze,&rdquo
Tom Mitchelhill4 hours ago‘Breakthrough growth’ will be driven by Web3: Hong Kong financial secretaryPaul Chan says that blockchain and Web3 tech will be responsible for the next big wave of growth in Hong Kong’s d
Commodity Analyst Mike McGlone Suggests ‘Bitcoin Appears Poised to Resume Its Inclination to Outperform’
Commodity Analyst Mike McGlone Suggests "Bitcoin Appears Poised to Resume Its Inclination to Outperform" Bloomberg Intelligence senior commodity analyst, Mike McGlone, believes a &
Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions
Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions The Ugandan central bank has warned licensed entities and the public against facilitating crypt
Binance Prepares Changes to Work With Regulators Worldwide
Binance Prepares Changes to Work With Regulators Worldwide Binance, the leading cryptocurrency exchange, has announced it is preparing changes to be able to work with regulators m
India Calls on G20 to Bring Crypto Within Global ‘Automatic Exchange of Information’ Framework
India Calls on G20 to Bring Crypto Within Global "Automatic Exchange of Information" Framework India’s finance minister has called on the G20 countries to bring crypto withi
The Nervos Network’s Ben Morris Talks About Godwoken, the EVM Compatible Layer 2 Solution
The Nervos Network’s Ben Morris Talks About Godwoken, the EVM Compatible Layer 2 Solution The Nervos Network is an open Blockchain platform for innovators to build applications t
Russian Exchanges Ready to Launch International Crypto Payments, Lawmaker Reveals
Russian Exchanges Ready to Launch International Crypto Payments, Lawmaker Reveals The largest exchanges in Russia are ready to begin operating with cryptocurrencies right after aut
XRP Historic Moment Coming In 2025? This Crypto Exchange Believes So
Este artículo también está disponible en español. In the cryptocurrency space, XRP is gaining much attention, and many people are making predictions regarding its prospec