The Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, debuts cryptocurrency trading through a partnership with a Swiss company.
UnionBank has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, the bank said in a joint statement on Nov. 2.
New investment and trading feature launches in collaboration with Swiss cryptocurrency technology company Metaco, and UnionBank goes live on Metaco’s Harmonize digital asset platform. UnionBank initially partnered with Metaco for the development of cryptocurrency trading services in January 2022.
Licensed and supervised by the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), UnionBank has been actively exploring the cryptocurrency industry in recent years. In 2019, UnionBank launched a payment-focused stablecoin pegged to the Philippine peso.
Henry Aguda, chief technology officer and chief transformation officer at UnionBank, said Metaco has been instrumental in the bank’s goal of providing “customer-centric” services in the Philippines. He also noted that UnionBank is among the earliest adopters of regulated cryptocurrencies in the country, stating:
“We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country to enable digital currency conversion features for customers.”
The news comes shortly after Philippine President Ferdinand Marcos highlighted the importance of adopting Blockchain technology to dominate digital banking and digital transactions.
In an official presidential address published in September 2022, Marcos referred to several related UnionBank milestones, stating:
“UnionBank’s track record in creating opportunities through innovation and digital solutions in the banking industry is uncontested.”
Previously, the BSP also warned the public against the use of non-local cryptocurrency trading platforms, emphasizing that dealing with foreign virtual asset service providers raises consumer protection enforcement issues. As of August, there were 19 registered VASPs in the Philippines.
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