Unionbank of the Philippines Supports Cryptocurrency Exchange via Mobile App BlockBlog

Union Bank of the Philippines, commonly referred to as Unionbank, has announced the upcoming launch of another crypto service for its customers. The financial institution will offer select users of its mobile app the ability to trade bitcoin and other digital currencies without a separate wallet.

Unionbank will add crypto exchange functionality in the app, a first in the Philippines

Union Bank of the Philippines (Unionbank) is striving to become the first universal bank in the country to facilitate cryptocurrency exchange within its mobile app. Users will be able to buy and sell cryptocurrencies such as bitcoin directly from the banking app, the lender said, eliminating the need for a third-party wallet.

In a statement quoted by broadcast network ABS-CBN, Unionbank shared its view that blockchain is a technology that will power the future of 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 that demand has been accelerated by the pandemic,” commented Cathy Casas, responsible for digital assets. markets, blockchain and application programming.

Unionbank, which is one of the top 10 banks by assets under management in the Philippines, has already established itself as a crypto-friendly institution. About a year ago, it announced preparations to pilot a custody service for cryptocurrencies, and in January this year, the bank unveiled a plan to facilitate crypto trading.

The new exchange functionality will initially be offered to randomly pre-screened users of the banking app, Unionbank explained, but stressed that it will aim for wider rollout in the near future. Henry Aguda, Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer, said:

Not only does this help us ensure that the bank is more future-ready, but we are also able to meet the needs of our customers who use cryptocurrencies.

The senior executive added that the crypto exchange feature in the app is among the projects the bank is working on as it prepares to enter the metaverse. Another initiative in the same direction is the partnership with the game NFT Art of Dreams which was announced in April. The bank also intends to launch a Metaverse Center of Excellence in the coming months.

While the platforms of some digital banks in the Philippines, like Maya, already offer exchange options for crypto assets, Unionbank will be the first major traditional lender to implement one. The bank is a licensed cryptocurrency exchange. Bangko Sentral ng Pilipinas, the country’s central bank, is the licensing authority for crypto trading platforms and service providers in the Philippines.

Do you expect other banks in the Philippines to offer crypto-related features in their mobile apps? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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