The Union Bank of the Philippines, Inc., extra generally often called Unionbank, introduced that the monetary establishment launched bitcoin and ethereum custody and buying and selling providers. The ninth largest financial institution within the nation by belongings, Unionbank, will leverage Metaco’s platform Harmonize to pilot the crypto providers for shoppers.
Unionbank to Provide Bitcoin and Ethereum Custody and Trading Services by way of Metaco
On Nov. 2, 2022, the Philippines-based monetary establishment based in 1981, Unionbank, revealed it’s now providing bitcoin (BTC) and ethereum (ETH) providers for purchasers. According to the announcement printed on Wednesday, Unionbank is one among a variety of choose monetary establishments authorized by Bangko Sentral ng Pilipinas (BSP) to function as a digital asset service supplier (VASP).
Unionbank has began the pilot with bitcoin and ethereum custody and buying and selling providers. In 2019, Unionbank launched a stablecoin pegged to the worth of the Philippine peso. At the tip of April 2022, Unionbank entered the metaverse financial system as properly. The Philippines-based common financial institution Unionbank is using Metaco’s platform Harmonize, which is dubbed a “digital asset custody and orchestration platform, as a fully managed service deployed in the cloud.” Metaco’s Harmonize will “handle governance and operations for the [Unionbank] pilot.
“Unionbank’s collaboration with its strategic partner Metaco has been critical in the bank’s pursuit of realizing its vision of delivering superior, customer-centric services to the Philippine market,” Henry Aguda, the chief technology and operations officer and chief transformation officer at Unionbank, remarked. “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 feature for clients.”
Unionbank goals to broaden the service sooner or later because it desires to craft a “safe and compliant environment for millions of Filipinos to custody and exchange digital currencies such as bitcoin.” The Philippines-based monetary establishment mentioned it’s readying itself for “wider rollouts of its digital asset services” whereas on the identical time “future-proofing its business model.”
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