Union Bank of Philippines Launches Crypto Trading Services – Which Coins Are Included?

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Union Bank of Philippines Launches Crypto Trading Services – Which Coins Are Included?
Source: AdobeStock / Yury

Digital asset administration expertise METACO introduced that the Union Bank of the Philippines is now stay on its flagship platform Harmonize, to launch a pilot program for crypto custody and buying and selling providers for choose retail clients.

The pilot will embrace bitcoin (BTC) and ethereum (ETH).

According to a press launch, UnionBank launching this pilot program is “a major step forward in the bank’s exploration of blockchain technology,” which follows its earlier digital asset initiatives, together with the launch of its stablecoin for remittance funds and getting into the metaverse financial system.

Henry Aguda, Chief Technology & Operations Officer and Chief Transformation Officer at UnionBank, was quoted as saying that,

“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 makes use of the digital asset custody platform Harmonize as “the foundational orchestration platform” and “a fully managed service deployed in the cloud,” thus managing governance and operations for the pilot, the corporate mentioned, whereas the financial institution is getting ready for a “wider rollouts” of its digital asset providers.

Seamus Donoghue, Chief Growth Officer at METACO, mentioned that,

Harmonize “provides UnionBank with the optionality to securely explore a range of retail and institutional digital asset use-cases, from crypto custody, investment and trading, to the fast-growing Metaverse economy in the Philippines.”

In regards to its plans to broaden the service, the press launch famous that the financial institution is “working closely” with the monetary regulators and trade contributors. The aim is,

“For millions of Filipinos to custody and exchange digital currencies such as Bitcoin, straight from their existing mobile banking app, without the need to open or manage separate wallet services.”

UnionBank is one of the most important common banks in the Philippines, and has been granted a crypto license underneath the supervision of the Bangko Sentral ng Pilipinas (BSP).

The press launch added that the brand new applied sciences are getting used to broaden monetary inclusion within the nation, saying that,

“The president of the Philippines, Ferdinand Romualdez Marcos Jr, heralded the significance of blockchain and digital asset applied sciences on the current opening of UnionBank’s Innovation Campus, outlining the ability of the expertise in furthering monetary inclusion within the Philippines.”

Founded in 2015 in Switzerland, METACO is a expertise supplier to monetary establishments and firms within the digital asset ecosystem, with financial institution implementations in varied regulatory jurisdictions, together with Switzerland, Germany, France, United Kingdom, United States, Turkey, Singapore, Australia, and Hong Kong, mentioned the corporate.

Banks piloting into the digital financial system

Banks are more and more working with crypto trade firms and regulatory authorities on varied pilots associated to digital asset providers.

On Thursday, the Monetary Authority of Singapore (MAS) introduced the primary stay trades accomplished within the first trade pilot underneath the Project Guardian, which explores potential decentralized finance (DeFi) functions in wholesale funding markets.

It acknowledged that, underneath the primary trade pilot, DBS Bank, JP Morgan, and SBI Digital Asset Holdings carried out international trade and authorities bond transactions towards liquidity swimming pools comprising tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollar (SGD).

The press launch mentioned that,

“A live cross-currency transaction involving tokenised JPY and SGD deposits was successfully conducted. In addition, a simulated exercise was performed involving the buying and selling of tokenised government bonds.”

Furthermore, extra pilots have been launched to check the applying of asset tokenization and DeFi throughout a broader vary of use circumstances within the monetary sector, it added.

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Compiled by Coinbold

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