Union Bank Of The Philippines Launches Bitcoin, Eth Trading

The Union Bank of the Philippines, or simply UnionBank — one of the Philippines’ largest universal banks — has launched a trial program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, according to a joint announcement on Nov. 2.

iexclusivenews reports that UnionBank has launched a new investing and trading tool in conjunction with Swiss crypto technology startup Metaco, with the feature going live on Metaco’s digital asset platform Harmonize.

UnionBank first collaborated with Metaco in January 2022 to develop cryptocurrency trading services.

This online news outlet understands that UnionBank, which is licensed and controlled by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP). Has been actively studying the cryptocurrency business in recent years. UnionBank launched a payments-focused stablecoin tied to the Philippine peso in 2019.

What You Need To Know

According to UnionBank’s chief technology officer and chief transformation officer, Henry Aguda, Metaco has been essential in the bank’s goal of providing “customer-centric” services in the Philippines. He also mentioned UnionBank as one of the country’s early regulated crypto adopters, stating:

“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.”

The announcement comes only days after Philippine President Ferdinand Marcos emphasized the significance of using blockchain technology to handle digital banking and trade.

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Marcos mentioned various UnionBank accomplishments in an official presidential speech issued in September 2022, stating:

“The track record of UnionBank in creating opportunities through innovation and digital solutions in the banking sector is uncontested.”

In the past, the BSP has also cautioned the public against using foreign cryptocurrency trading platforms.

Highlighting the difficulty in enforcing consumer protection when working with foreign virtual asset service providers.

iexclusivenews Nigeria reports that there were 19 VASPs registered in the Philippines as of August.