Union Bank of Philippines offers crypto trade and deposit services-presented Bitcoin messages
Union Bank of Philippines offers crypto trade and deposit services-presented Bitcoin messages
One of the largest banks in the Philippines, the Union bank, reports reportedly the trade in cryptocurrencies and depot services. "In this way we are making our banking in a future-proof manner," said a Unionbank manager.
The Union Bank of the Philippines (UBP), also known as Unionbank, Plant, to offer, cryptocurrency and custody services, Bloomberg reported on Thursday. The Unionbank is one of the largest universal banks in the Philippines with an administrated assets (AUM) of over $ 15 billion. The bank is one of the first financial institutions in the Philippines that introduces cryptocurrency. Cathy Casas, head of the bank for blockchain and application programming interfaces of the bank, explained that the average Filipino investor currently holds around 1 % to 2 % of his personal assets in cryptocurrency such as Bitcoin. She added that investors would hold between 3 % and 5 % in "stable markets" in 5 years. The Unionbank's board of directors estimates that about 5 % of the local population have tried cryptocurrency. She added that many crypto investors are young people from which some tokens deserve from virtual play-to-earl games. Casas commented: This is how we make our bank business future -proof. On Thursday, Metaco, a provider of security software and infrastructure for the digital-asset ecosystem, announced that the Unionbank implemented its digital asset management services. Metaco added that the Union Bank provides services on IBM Cloud. This initially shared the bank with piling a crypto retention service last year, last year, Who found that crypto-assets would stay here. Casas noted that the Bank for digital assets will include tokenized bonds. The central bank of the Philippines, Bangko Senral NG Pilipinas (BSP), warned against investing in crypto. The central bank warned that cryptocurrencies could "pose a danger to the financial system" and referred to its susceptibility to illegal activities such as money laundering and terrorist financing. Casas said: We strive to educate our customers via social media to ensure that they are safe. The Unionbank is one of the licensed cryptocurrency exchanges by the central bank. In 2019, the bank introduced its own stablecoin, PhX, to enable rural banks in its network easier access to payments and transfers. What do you think that the Union Bank of the Philippines is introducing cryptocurrencies and custody services? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, Wikicommons The Philippine Unionbank offers crypto trade and custody services
