cryptoknowmics.com
Union Bank of Philippines has started a trial program for custody and trading operations for crypto, including Bitcoin and Ethereum, for a small group of retail clients, the company said on November 2. The Harmonize platform from Metaco will be employed by Union bank, the ninth-largest bank in terms of assets in the nation, to pilot the cryptocurrency services for users.
Union Bank of Philippines to Pilot Crypto Like BTC and ETH
Union bank of the Philippines has launched the crypto trial with bitcoin (BTC) and Ethereum (ETH) custody and trading services. Union bank developed a stablecoin in 2019 that was tethered to the price of the Philippine peso. The bank also joined the metaverse sector around the end of April 2022. Union Bank is authorized and governed by Bangko Sentral ng Pilipinas (BSP), the Philippine government's central bank, which has been aggressively investigating the cryptocurrency market recently.
Metaco - Crucial in Bank’s Goal
UnionBank went online on Harmonize, Metaco's network for digital assets, as part of the debut of the new trading and investment functions. In January 2022, UnionBank and Metaco formed their first joint venture for cryptocurrency trading services creation. According to UnionBank's head of technology and chief transformation officer, Henry Aguda, Metaco has been essential in the bank's objective of providing "customer-focused" services in the Philippines. Additionally, he mentioned UnionBank as one of the nation's first regulated cryptocurrency users.
The Objective of the Bank
Future service expansion is a goal of Unionbank, which intends to create a secure and regulated ecosystem for millions of Filipinos to hold and trade virtual currencies such as bitcoin. The Philippine-based banking institution said it is future-proofing its business strategy while also getting ready to implement its digital asset offerings. The announcement follows Ferdinand Marcos, the president of the Philippines, who stressed the significance of embracing blockchain technology to master digital banking and digital commerce.