Union Bank of the Philippines launches Bitcoin and Ethereum trading

The Union Bank of the Philippines (UnionBank), 1 of the largest cosmopolitan banks successful the Philippines, debuts cryptocurrency trading via a concern with a Swiss crypto firm.

UnionBank has launched a aviator programme for Bitcoin (BTC) and Ether (ETH) custody and trading services for prime retail customers, the steadfast said successful a associated announcement connected Nov. 2.

The caller concern and trading diagnostic launches successful collaboration with the Swiss crypto exertion steadfast Metaco, with UnionBank going unrecorded connected Metaco’s integer plus level Harmonize. UnionBank initially partnered with Metaco for the improvement of crypto trading services successful January 2022.

Licensed and supervised by the Philippines’ cardinal bank, Bangko Sentral ng Pilipinas (BSP), UnionBank has been actively exploring the crypto manufacture successful caller years. In 2019, UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.

Henry Aguda, main exertion serviceman and main translation serviceman astatine UnionBank, said that Metaco has been captious successful the bank’s extremity to supply “customer-centric” services successful the Philippines. He besides noted that UnionBank is among the aboriginal regulated adopters of crypto successful the country, stating:

“We are arrogant to proceed UnionBank’s bid of manufacture firsts, this clip being the archetypal regulated slope successful the state allowing integer currency speech features for clients.”

The quality comes soon aft Philippines President Ferdinand Marcos highlighted the value of adopting blockchain exertion to maestro integer banking and integer transactions.

Related: Basel Committee: Banks worldwide reportedly ain 9.4 cardinal euros successful crypto assets

In an authoritative statesmanlike code published successful September 2022, Marcos referred to respective related milestones by UnionBank, stating:

“The way grounds of UnionBank successful creating opportunities done innovation and integer solutions successful the banking assemblage is uncontested.”

Previously, BSP besides warned the nationalist against utilizing non-local crypto trading platforms, stressing that dealing with overseas virtual plus work providers poses challenges successful enforcing user protection. As of August, determination were 19 registered VASPs successful the Philippines.