Union Bank of the Philippines announced the upcoming launch of a mobile application that allows you to exchange digital assets without creating a cryptocurrency wallet.
UnionBank in the Philippines has become the first bank in the country to develop a mobile banking application that facilitates the exchange of digital assets without requiring customers to register with a third-party cryptocurrency service to create a cryptocurrency wallet.
“We understand that the application of blockchain will determine the future of banking. And the purchase and exchange of digital assets is becoming one of the most in-demand banking services that many customers are looking for, especially the younger generation. Our users will be able to buy and sell cryptocurrencies such as Bitcoin directly from the banking app, eliminating the need for a third-party wallet,” said Cathy Casas, Head of Digital Asset Market at UnionBank.
Initially, a new function of exchanging crypto assets through the use of a mobile application will be offered to a limited circle of bank customers. According to the results of the test period, the circle of users of the application will expand.
Recall that recently the Central Bank of the Philippines announced the introduction of a three-year moratorium on the acceptance and consideration of new applications for a license for a virtual asset service provider (VASP) in the country.
Source: Bits
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