Philippines’ UnionBank is gradually embracing digital assets as the bank announces the launch of a crypto service for its clients. According to the financial institution, it will provide the option to exchange Bitcoin and other digital assets for select users of its mobile wallet.
The App Will Enable Users To Buy And Sell Crypto
This will be the first time a bank will be adding a crypto exchange feature for clients and customers. The bank is seriously working to be known as the first universal bank in the Philippines to facilitate crypto exchange via its mobile app.
Users with the mobile app can buy and sell crypto assets such as Bitcoin (BTC) and Ethereum (ETH) directly from the banking app. This means that the users no longer require a third-party wallet for crypto transactions.
UnionBank shared its view about the growth and adoption of blockchain technology and cryptocurrency. The financial institution noted that blockchain technology has a major role to play to power the future of banking. It also recognizes the growth and increasingly wide acceptance of cryptocurrencies.
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The App Is Available To Randomly Selected Users
Head of digital assets at UnionBank, Cathy Casas, stated that cryptocurrency is playing a massive role in finance, especially among the younger generation. She added that the demand for these assets was accelerated by the pandemic.
UnionBank is en of the largest banks in the Philippines when it comes to assets under management. The bank is already known as a crypto-friendly financial institution. Last year, it started piloting a custody service for crypto assets. And earlier this year it rolled out a program that will facilitate crypto trading. The latest development is in line with the plans it revealed in January.
The bank says the new exchange feature will first be available to randomly-selected users of the banking app. However, it is planning to make the feature available to more users.