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Philippines’ Unionbank Plans To Provide Cryptocurrency Exchange Through Mobile App

By offering cryptocurrency trading through its mobile app, Union Bank of the Philippines (Unionbank) hopes to establish itself as the nation’s first universal bank.

What Will Change for Users?

Users would no longer need a third-party wallet since cryptocurrencies like bitcoin could be purchased and sold directly from the bank’s app.

According to the ABS-CBN television network, Unionbank believes blockchain technology will transform banking in the future. As a result of the pandemic, this need intensified, especially among the younger generation. 

Statement From the Company

Cathy Casas, the head of digital asset markets, blockchain, and application development, acknowledged that cryptocurrency has already been one of many services consumers consume have already requested.

The bank announced plans to test a cryptocurrency custody service in January of this year after previously announcing plans to enable cryptocurrency trading.

In preparing to enter the metaverse, the bank is introducing an in-app cryptocurrency trading feature as one of its initiatives.

Plans for the Future

It is another step in the same direction to collaborate with the NFT game Art of Dreams. Metaverse Center of Excellence will open at the bank in the next few months.

Several digital banks’ platforms in the Philippines, including Maya, already offer an exchange option. Unionbank will be the first conventional lender to adopt an exchange option.

It is permitted to trade cryptocurrencies by the bank. Licenses for crypto trading platforms and service providers are granted by the Philippines’ central bank, Bangko Sentral ng Pilipinas.