Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, is working with a Swiss cryptocurrency firm to enter the market for trading cryptocurrencies.
As part of a pilot programme, a small number of retail customers can now use Union Bank of the Philippines’s custody and trading services for Bitcoin (BTC) and Ether (ETH), the company stated in a joint statement on November 2.
As a part of the new investment and trading function that is being created in collaboration with the Swiss cryptocurrency technology company Metaco, Union Bank of the Philippines will be active on Metaco’s Harmonize digital asset platform. UnionBank and Metac started collaborated to provide bitcoin trading services in January 2022.
Bangko Sentral ng Pilipinas (BSP), the Philippine central bank that regulates and licences UnionBank, has recently started investigating the cryptocurrency market. In 2019, UnionBank introduced a stablecoin that is pegged to the Philippine peso and intended for use in payments. Henry Aguda, chief technology and transformation officer, claims that Metaco has been essential in assisting UnionBank in achieving its goal of offering “customer-centric” services in the Philippines. He went on to highlight UnionBank as one of the first authorised bitcoin users in the nation.
Following Ferdinand Marcos’ emphasis on the significance of adopting blockchain technology to oversee digital finance and commerce, the statement was made. Marcos mentioned a number of related UnionBank successes in a formal presidential speech that was released in September 2022.
The BSP has previously cautioned the public against using foreign cryptocurrency trading platforms, highlighting how difficult it is to enforce consumer protection when working with foreign businesses that provide services related to virtual assets. 19 VASPs had obtained formal registration in the Philippines as of August.