One of the most popular and big players in the universal bank world situated in the Philippines named UnionBank first time introduces cryptocurrency-based dealing by establishing cooperation with a Swiss crypto firm.
UnionBank of the Philippines
The Philippines-based bank named Union Bank or simply Union Bank — one of the big birds amongst the considerable universal banks situated in the Philippines has introduced a sample program for the sake of Bitcoin (BTC$16,680) and Ether(ETH$1,226) the services provided for selected retail clients, the first notified in an announcement on November 2.
There is an innovative and unique investment and trading system featured for the very first time as a result of collaborating with a Swiss-based crypto tech firm named Metaco, with one of the well-known banks Union Bank situated in the Philippines will be reaching live on Metaco-owned crypto forum known as Harmonize. To develop crypto trading services in January 2022.
The central bank which is under the management and supervision of the Philippines, Bangko Sentral ng Pilipinas (BSP) Bank has steadily been exploring the industry of cryptocurrencies in the past few years. In 2019, Bank of Philippines rolled out a stable coin associated with the Philippine peso majorly focusing on payments.
Henry Aguda, who holds very considerable posts in the hierarchy of management at Union Bank, stated that Metaco which is an online platform has been very serious in achieving the goals in the interest of the bank to avail services that are in the interests of the customer base in the Philippines. He also said that Union Bank is one of the few first organizations to adopt crypto in the country, he stated:
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.
After a very small amount of time Ferdinand Marcos, the president of the Philippines explained in his speech the importance of the adoption of crypto and blockchain technology to have a full grip on crypto banking and trades.
In September 2022, Ferdinand Marcos revealed the milestones completed by the UnionBank and stated that:
The track record of UnionBank in creating opportunities through innovation and digital solutions in the banking sector is uncontested.
BSP warned the public not to use any non-local crypto marketing forums because trading with foreign crypto funds service firms produces challenges in the enforcement of protection of the consumer. There were 19 VASPs registered in the Philippines according to the statistics of August.