- The bank issued its own stablecoin in 2019.
- The Union Bank of the Philippines has started a trial operation.
One of the Philippines’ biggest banks has introduced crypto investing services. The Union Bank of the Philippines now allows its clients to trade cryptocurrencies, starting with Bitcoin and Ethereum.
In addition to being one of the top banks in the nation, they have just entered the cryptocurrency market. Today, it was reported that the Philippine chain is collaborating with a Swiss cryptocurrency business to provide trading in two of the market’s most dynamic coins.
Pilot Launch Commences
The Union Bank of the Philippines has started a trial operation to hold and trade a small number of cryptocurrencies. METACO, a Swiss technology business, has teamed with Union Bank to provide this solution.
In a joint statement, the company revealed stated:
“Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, has gone live on METACO’s flagship platform, Harmonize, to pilot the launch of crypto services for its clients.”
Since 2019, UnionBank of the Philippines has been a frontrunner in the adoption of crypto services. The bank issued its own stablecoin in 2019, and as of January 2022, the institution has been working with METACO as a strategic partner.
Furthermore, present Philippine President Ferdinand “Bongbong” Romualdez Marcos Jr. has already emphasized the need for digital banking. In a speech given in September, Marcos singled out UnionBank for praise.
Henry Aguda, chief technology, and operations officer at Union Bank stated:
“We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”
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