Philippine Financial Institution Unionbank Now Provides Crypto Custody and Trading Services
Union Bank of the Philippines, Inc., better known as Unionbank, announced that the financial institution has launched bitcoin and ethereum custody and trading services. The nation’s ninth-largest bank by assets, Unionbank, will leverage Metaco’s Harmonize platform to drive crypto services for customers.
Unionbank will provide Bitcoin and Ethereum custody and trading services through Metaco
On November 2, 2022, the Philippines-based financial institution founded in 1981, Unionbank, revealed that it now offers bitcoin (BTC) and Ethereum (ETH) customer service. According to announcement released on Wednesday, Unionbank is one of several selected financial institutions approved by Bangko Sentral ng Pilipinas (BSP) to operate as a Virtual Asset Service Provider (VASP).
Unionbank launched the pilot with bitcoin and ethereum custody and trading services. In 2019, Unionbank launched a stablecoin pegged to the value of the Philippine peso. End of April 2022, Unionbank Between the economy of the metaverse as well. Philippines-based universal bank Unionbank uses Metaco’s platform Harmonize, which is dubbed a “digital asset curation and orchestration platform, as a fully managed service deployed in the cloud.” Metaco’s Harmonize “will manage governance and operations for [Unionbank] pilot.
“Unionbank’s collaboration with its strategic partner Metaco has been critical in the bank’s pursuit of realizing its vision of providing superior, customer-centric services in the Philippine market,” remarked Henry Aguda, Director of Technology and Operations and Chief Transformation Officer at Unionbank. . “We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country to enable digital currency exchange functionality for customers.”
Unionbank aims to expand the service in the future as it wants to create a “safe and compliant environment for millions of Filipinos to hold and trade digital currencies such as bitcoin.” The Philippines-based financial institution said it was preparing for “a broader rollout of its digital asset services” while “protecting its business model for the future”.
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