Header Ads

Report: UnionBank of the Philippines plans to offer Bitcoin trading services!

OPPO
Huawei
Bloomberg claims that Union Bank of the Philippines is planning to launch cryptocurrency trading and custodial services.
Report: UnionBank of the Philippines plans to offer Bitcoin trading services!
Local bank to offer Bitcoin?

UnionBank to offer crypto?

Bloomberg reported on Thursday that Union Bank of the Philippines is planning on launching cryptocurrency trading and custodial services as more Filipinos are turning to digital currencies for investments and transactions.

Cathy Casas, head of the bank's blockchain and application programming interface group told Bloomberg that Union Bank's custodial services for digital assets will also cover tokenized Bonds. The bank is hedging its bets that the average Filipino will likely invest 3 to 5 percent of their personal assets to digital in five years assuming that the market is stable. This is up from the previous 1 to 2 percent now.

Casas estimates that about 5 percent of the Philippine population has dabbled with cryptocurrencies.

The Aboitiz-led bank will use systems developed by Switzerland-based METACO to manage its digital trading platform. METACO adds that UnionBank will employ IBM cloud services to maximize the "confidential computing capabilities".

Patrick Enjalbal, METACO vice president for customer success and Managing Director said: “With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region."

What do you guys think?

Source: Bloomberg, Via: PhilStar
Powered by Blogger.
close
gizguide