Union Bank of the Philippines Details New Crypto Service

Filipino investors will learn more about the new cryptocurrency trading and custodial services of the Union Bank of the Philippines this week. This development comes as one of the largest universal banks in the Philippines confirmed its intent to engage in the crypto-asset business.

We are glad to learn about this cryptocurrency update today. We think the Union Bank of the Philippines’ latest offerings can help Filipino investors properly adapt to modern times, especially now when the financial world is fast moving towards digitalization and cryptocurrencies are becoming more well-received worldwide.

Based on the report posted online by Bitcoin News, an online news source delivering the latest updates about cryptocurrencies, the Union Bank of the Philippines’ cryptocurrency trading and custodial services will soon be available to its clients. 

The financial firm, which currently has more than US$15 billion in assets under management, is one of the first-ever financial service providers in the Philippines to adopt cryptocurrency. The Union Bank of the Philippines initially announced its piloting of a cryptocurrency custody service last August 2021.

It noted at that time that crypto-assets are here to remain. Cathy Casas is the Union Bank of the Philippines’ head of blockchain and application programming interface group.

She cited that the Union Bank of the Philippines’ custodial service for virtual assets will comprise tokenized bonds. Moreover, Casas disclosed that they are educating their customers through social media about cryptocurrency investing, ensuring they are safe in their endeavors.

Before the Union Bank of the Philippines conceived its new cryptocurrency trading and custodial services, it launched its own stablecoin called PHX in 2019. This virtual asset provides rural banking companies in its network with easier access to remittances and payments. 

Furthermore, the Philippine lender is one of the licensed virtual currency exchanges approved by the Philippine central bank, the Bangko Sentral ng Pilipinas. Casas explained more about the Union Bank of the Philippines’ motivation for its cryptocurrency trading and custodial services. 

She said roughly five percent of the local population has dabbled in virtual currency. The Union Bank of the Philippines executive added that many Filipino cryptocurrency investors are young people. Casas relayed that some of them earn tokens from play-to-earn virtual games.

She disclosed that the average Filipino investor presently holds about 1 to 2 percent of their personal assets in cryptocurrency such as Bitcoin and added that they would hold between 3 percent and 5 percent in five years if the markets are stable. 

Casas also mentioned that the Union Bank of the Philippines’ cryptocurrency trading and custodial services is a technique to future-proof their firm’s banking business. We think the Union Bank of the Philippines is helping the people adjust to the new developments in the increasingly digitalized finance realm.

With this Philippine lender’s new cryptocurrency trading and custodial services, we also believe both the financial institution and its clients will grow financially in the long run.