The Union Bank of Philippines has launched a pilot program for Bitcoin and Ethereum trading services for retail customers, according to a statement by the firm on Wednesday.
The trading service is in partnership with Metaco, a Swiss crypto technology firm; earlier this year, both firms partnered for the development of cryptocurrency trading services.
Meanwhile, the bank after securing a license from the central bank of the Philippines Bangko Sentral ng Pilipinas (BSP) has been actively exploring crypto. The bank in 2019 introduced a payments-focused stablecoin tied to the country’s fiat currency.
The chief technology officer and chief transformation officer at UnionBank, Henry Aguda said that Metaco has been crucial in the bank’s goal to provide “customer-centric” services in the Philippines. He also added that UnionBank is among the early regulated adopters of crypto in the country, he stated that;
“We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”
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Philippines Relationship With Crypto
Crypto adoption in the Philippines has been on the rise recently, a survey in June revealed that more than 4% of Filipinos own crypto.
“The average Filipino will likely hold 3% to 5% of their personal assets in digital tokens such as Bitcoin in five years assuming markets are “stable”. Many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games,” said Cathy Casas, head of UnionBank’s Blockchain and Application Programming Interface group.
Also, the President of the country Ferdinand Marcos recently highlighted the importance of Blockchain technology adoption to master digital banking and digital transactions in the country.
According to the official presidential speech published in September this year, Marcos cited several related milestones by UnionBank, in his statement, he said;
“The track record of UnionBank in creating opportunities through innovation and digital solutions in the banking sector is uncontested.”
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