Union Bank of the Philippines (UnionBank), one of the ten largest banks in the Philippines, will launch a custodian service for digital assets in partnership with cryptocurrency company Hex Trust.
UnionBank wants to enter the emerging digital assets industry due to the growing interest of organizations and bank customers in it, Coindesk reports, citing a statement from the bank’s press service. Hex Trust will develop a cryptocurrency custody solution for UnionBank and will provide crypto asset custody services for bank employees as part of a pilot project.
At the next stage, a fully commercial custodian cryptocurrency service will be deployed for the bank’s clients. This will allow the bank to securely store customers’ digital assets on their behalf in a regulated structure. UnionBank claims that the custodian service fully complies with the requirements of the Central Bank of the Philippines. The bank’s CTO, Henry Aguda, said:
“We are delighted to be the first Filipino bank to pilot a crypto custody service for our employees under the supervision of the Central Bank, so that we can prepare the foundation for a safe and secure storage system for customers’ digital assets.”
Hong Kong-based Hex Trust provides “bank-grade” services for storing digital assets and has developed solutions targeting banks, financial institutions, asset managers, exchanges and corporations. Last year, multinational SIA partnered with Hex Trust to help European bank clients access digital asset custody.
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