As businesses and the people of the Philippines are increasingly embracing cryptocurrency in their everyday transactions, the Union Bank of the Philippines has decided to take advantage of the opportunity to expand its client base and satisfy customers’ needs.
According to a recent report by a local news outlet, the Union Bank of the Philippines has rolled out BTC trading services on its mobile app, a feature that will let its customers buy and sell Bitcoin (BTC) through the bank’s mobile app without the interference of any third party virtual asset wallet.
The new feature will commence with a handful of users and will soon expand to every customer of the bank across the country. This new feature will reduce the use of multiple apps and let customers find it easy to buy and sell Bitcoin.
The launch is in compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulation on Virtual Asset Services.
One of the major components of Union Bank’s future-proofing strategy is blockchain technology, the bank has carefully explored the benefits the technology could offer if integrated into its financial system to improve services.
Cathy Casas, Head of Blockchain Center of Excellence, Digital Asset Markets and API Marketplace Group at UnionBank, said, “Blockchain is a technology that we think will power the future of banking. At the same time, we also recognize that cryptocurrency is one of the services that many customers are already looking for, especially those in the younger generation. The demand grew during the pandemic.”
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Union Bank Embracing Metaverse
As part of efforts to develop customer-centric solutions powered by emerging technology. Union Bank of the Philippines is planning to enter fully into the crypto industry through the Philippines’ first-ever Metaverse Center of Excellence, a center to be launched soon.
The bank had first ventured into metaverse in April through its partnership with a non-fungible token (NFT) project, Ark of Dreams.
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