Crypto trading services now available
Union Bank of the Philippines has partnered with METACO, a Swiss cryptocurrency firm, to offer crypto trading services in Bitcoin and Ethereum.
METACO, the provider of digital asset management technology, announced today that UnionBank is live on the Harmonize platform to offer crypto trading services. The announcement of the plan that was made in January of this year is finally live. UnionBank is the largest bank in the Philippines. According to Henry Aguda, CTO of UnionBank, they are the first regulated bank in the Philippines to allow digital currency exchange.
The Philippines is a crypto-enthusiastic country
According to a June 2022 report, over 4% of the Filipino population owns cryptocurrencies.
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2 November 2022
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2 November 2022
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“The average Filipino is likely to hold 3% to 5% of his personal assets in digital tokens like Bitcoin in five years assuming the markets are ‘stable’. Many crypto investors are young people, some of whom earn tokens from virtual games that can be played for to earn.”
Cathy Casas, head of UnionBank’s Blockchain and Application Programming Interface group
Earlier in 2019, UnionBank launched its own stablecoin, PHX, pegged to the Philippine peso. UnionBank intended PHX to be an exchange and store of value. Later in April 2022, UnionBank expanded into the metaverse by partnering with the metaverse platform Ark of Dreams.
The world’s biggest banks are bullish on crypto Trade
UnionBank has joined the list of some of the world’s largest banks offering crypto trading facilities. Most recently, a Berlin-based digital bank, N26, said it would begin offering crypto trading services to its customers. They partnered with BitPanda to offer crypto trading to their customers.
At the end of September, Singapore’s largest bank – DBS bank opened its crypto trading services. Clients can access the services at the digital exchange, DDEx. The bank allows accredited customers with at least $246,000 in investable assets to trade a few cryptocurrencies, including Bitcoin. Crypto traders must invest at least $500.
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