- Union Bank of the Philippines becomes the first bank in the country to offer crypto trading services to its consumers.
- While the offer is limited to only a few clients currently, complete implementation will begin soon.
- Union Bank customers can now buy Bitcoin directly from the bank’s mobile app.
A report by news platform Inquirer.net has revealed that the Union Bank of the Philippines has become the first bank in the country to enable crypto trading services for its clients.
As crypto becomes mainstream, traditional financial establishments, such as banks, have started incorporating crypto services and facilities to widen their customer base and retain their current clients.
This launch by the Philippine’s Union Bank is in adherence to the country’s Central Bank, Bangko Sentral ng Pilipinas, or BSP.
The offer by Union Bank is accessible to its customers directly through the bank’s mobile application. Moreover, clients can now buy and trade BTC instantly via the app without requiring any third-party wallet services, making top assets easily available to all Filipinos.
However, in its initial phase, customers are facing some technical issues. While some can access the assets on their phone, others can’t experience the functionality. In addition, the report mentions that the plan ahead is to analyse the latest features and fix the technical glitches that emerge.
The announcement of the launch was shared by Union Bank’s Vice President of Chief Technology, Henry Agua. He quoted,
By launching this new feature, we are hitting two birds with one stone —future-proofing the bank and satisfying the needs of customers who use cryptocurrencies.
But the bank’s dive into Web3 doesn’t end here. He further added, “This is one of the things we are working on as we clear our path towards the metaverse,” Aguda added, which aligns perfectly with their launch of the Philippines’ first Metaverse Center of Excellence, as well as their partnership with the NFT project “Ark of Dreams” back in April 2022.
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