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Union Bank of Philippines to incorporate crypto exchange feature

UnionBank Launches Cryptocurrency For Rural Banks In The Philippines
UnionBank Launches Cryptocurrency For Rural Banks In The Philippines

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Union Bank, a popular financial firm in the Philippines, plans to extend its crypto offerings to customers. According to the firm, it intends to unveil a feature on its mobile app which will allow users to trade bitcoin and all other virtual assets. Aided by this new feature, every user can trade cryptos without using a separate wallet, Union bank added.

If this development is implemented, Union Bank will become the first universal bank in the Philippines to incorporate crypto trading on its mobile app. The new feature further allows users to trade directly without the involvement of a third party. 

Cathy Casas, head of digital asset markets, blockchain, and application programming with Union bank, reacted to the development. According to him, the financial institution sees blockchain as a technology capable of illuminating the future of banking. Similarly, Casas added that Union bank also believes in the potential of cryptos. He noted that crypto had enjoyed an enormous increase in its adoption rate, particularly among the younger generation. According to him, this informed the bank’s decision to consider the new feature on its mobile app.

The bank intends first to avail the new service to some randomly selected users. Afterward, the financial institution will work on extending the reach of the feature shortly. 

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According to the Senior Executive Vice President, Henry Aguda maintained that the move makes the firm more ready for the future. Aguda added that with the new offering, Union bank would be able to complement the emerging needs of its customers who have embraced cryptos.

The Vice President revealed that integrating the crypto exchange feature on the app is among the firm’s numerous projects. According to him, the bank plans to unveil its intention to launch a Metaverse Center of Excellence space before the end of 2022. He also noted that Union bank is presently collaborating with the NFT game Art of Dreams.

Before this development, Union bank has been renowned as a crypto-friendly financial outfit. In 2021, the bank piloted a robust custody offering for cryptos. Similarly, the bank also launched its plan to avail of crypto trading services in early 2022. Now, it is working towards completing its entry into the metaverse. Today, the bank is ranked among the top 10 banks in terms of asset management in the Philippines. Union bank believes it will be able to widen its customer base by investing in emerging virtual trends.

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