Union Bank of the Philippines to Support Cryptocurrency Exchange via Mobile App
By announcing the upcoming launch of the crypto service, the Union Bank of the Philippines (unionbank) strives to become the first universal bank in the country to facilitate the exchange of cryptocurrency within its mobile application.
The bank will offer selected users of its mobile app the option to exchange bitcoin and other cryptocurrencies without a separate wallet. Eliminating the need for a third-party wallet users will be able to sell and buy digital currencies like BTC directly from the banking app, the lender said.
Unionbank shared its view in a statement quoted by broadcast network ABS-CBN that blockchain is a technology that will power the future of banking. “At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and that demand has been accelerated by the pandemic,” commented Cathy Casas, responsible for digital assets. markets, blockchain, and application programming.
Unionbank further explained that the new exchange functionality will initially be offered to randomly pre-screened users of the banking app but it will aim for a wider rollout shortly.
Henry Aguda, Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer said, “Not only does this help us ensure that the bank is more future-ready, but we are also able to meet the needs of our customers who use cryptocurrencies.”
One of the top 10 banks in the Philippines by assets under management, Unionbank has already secured itself as a crypto-friendly institution. About a year ago he reported that he was getting ready to fly a Guard Service for digital currencies, and in January this year, the bank unveiled a plan to work with crypto trading.
According to the senior executive, the addition of the crypto exchange feature in the app is among the ventures the bank is working on as it plans to enter the metaverse. One more drive similar to the same lines is the partnership with NFT Game Art of Dreams which was announced in April. In the coming months, the bank also plans to launch a Metaverse Center of Excellence.
CBW - External Analyst