Major Philippine bank launches custodial and trading crypto services for accredited retail clients.
The joint project of UnionBank and the Swiss cryptocurrency company Metaco will be implemented on the Metaco Harmonize platform. Harmonize will act as the base platform to support UnionBank as it prepares for a broader rollout of services in the digital asset market.
The bank intends to meet the growing needs of customers in cryptocurrencies and test the potential of the business model, Henry Aguda, director of technology and transformation at UnionBank, explained. According to him, UnionBank is one of the first banks to receive approval from the local regulator Bangko Sentral ng Pilipinas (BSP) for cryptocurrency activities in the country:
“We are proud that UnionBank continues to innovate in the banking industry. This time, it has become the first regulated bank in the country to provide customers with digital currency exchange functions.”
Filipinos will be able to store and exchange digital currencies such as bitcoin directly from the bank’s mobile app without having to install a mobile cryptocurrency wallet.
UnionBank said last month that it will implement distributed ledger technology (DLT) to streamline the operations of small and medium-sized enterprises, as well as experiment with metaverses.
Source: Bits
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