Banks are growing more open to providing crypto services as the cryptocurrency sector expands. The Unionbank of the Philippines is another example of this, and they will soon provide cryptocurrency services through their mobile app.
This will increase the acceptance of cryptocurrency by providing citizens with access to it through a significant financial institution. Additionally, there will be less resistance for novice consumers wanting to invest in cryptocurrency as the bank is directly providing the service through its mobile app.
Unionbank will change the crypto game in the Philippines
Unionbank of the Philippines will be the first significant financial institution to directly provide cryptocurrency services through its mobile app. In this case, it would be comparable to the State Bank of India or HDFC Bank providing Bitcoin investing services through their apps. This solution will be more reliable because a third-party wallet won’t be necessary.
Blockchain, in the opinion of Unionbank, has the potential to transform the whole banking industry. They thus have a positive outlook for both its and cryptocurrencies’ future. The fact that customers are eager to invest in the same thing explains it on its own. Furthermore, the COVID-19 epidemic has recently caused the need to increase dramatically.
The bank has previously adopted a pro-crypto stance and made it plain what it believes. Notably, they began making plans to provide custody services in 2021 and discussed their upcoming ambitions to permit crypto trading in January 2022. They are now authorising it as a result. An initial pilot phase will allow a predetermined number of users access to the choice. After then, there will be a widespread deployment.
The crypto game
Unionbank doesn’t want to fall behind by not utilising current technology. It wants to provide services that people desire while also being prepared for the future. According to a senior official of the corporation, Unionbank also intends to enter the metaverse.
To demonstrate how deeply invested they are in the crypto industry, they are also experimenting with NFTs. Additionally, they are authorised to conduct business in the nation as an authorised crypto exchange.
What do you think of Unionbank’s announcement that it would provide cryptocurrency services? And do you believe that having such well-known names is transforming the crypto space? Additionally, please tell your friends about our information if you found it to be informative.
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