Union Bank of the Philippines has partnered with Swiss cryptocurrency firm Metaco to offer crypto trading services in Bitcoin and Ethereum.
Digital asset management technology provider Metaco today announced that UnionBank is live on the Harmonize platform to provide crypto trading services. The plans announced in January this year have finally gone live. UnionBank is the largest bank in the Philippines. According to Henry Aguda, CTO of UnionBank, they are the first regulated bank to allow digital currency exchange in the Philippines.
The Philippines is a crypto-enthusiast country
According to a June 2022 report, over 4% of the Filipino population holds cryptocurrency.
“The average Filipino will hold 3% to 5% of their personal wealth in digital tokens like bitcoin over five years, assuming the markets are “stable.” Many crypto investors are young, some of whom earn tokens for playing virtual games. ”
Kathy Kaas, head of UnionBank’s Blockchain and Application Programming Interfaces group
Earlier in 2019, UnionBank launched its stablecoin pegged to the Philippine Peso, PHX. UnionBank intended to make PHX a medium of exchange and a store of value. Later in April 2022, UnionBank expanded into the Metaverse by partnering with the Metaverse platform Arc of Dreams.
The World’s Biggest Banks Are Bullish on Crypto Business
UnionBank has joined the roster of some of the largest banks in the world that offer crypto trading facilities. Recently, a Berlin-based digital bank, N26 said that it will start providing crypto trading services to its clients. They partnered with Bitpanda to offer crypto trading to their clients.
At the end of September, Singapore’s largest bank – DBS Bank opened its crypto trading services. Clients can access the services on the digital exchange, DDEX. The bank allows accredited customers with at least $246,000 in investable assets to trade certain cryptocurrencies, including bitcoin. Crypto traders should invest at least $500.
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