The Union Financial institution of the Philippines, Inc., extra generally often called Unionbank, introduced that the monetary establishment launched bitcoin and ethereum custody and buying and selling providers. The ninth largest financial institution within the nation by belongings, Unionbank, will leverage Metaco’s platform Harmonize to pilot the crypto providers for purchasers.
Unionbank to Present Bitcoin and Ethereum Custody and Buying and selling Providers through Metaco
On Nov. 2, 2022, the Philippines-based monetary establishment based in 1981, Unionbank, revealed it’s now providing bitcoin (BTC) and ethereum (ETH) providers for patrons. In keeping with the announcement revealed on Wednesday, Unionbank is one in every of quite a few choose monetary establishments accepted by Bangko Sentral ng Pilipinas (BSP) to function as a digital asset service supplier (VASP).
Unionbank has began the pilot with bitcoin and ethereum custody and buying and selling providers. In 2019, Unionbank launched a stablecoin pegged to the worth of the Philippine peso. On the finish of April 2022, Unionbank entered the metaverse economic system as properly. The Philippines-based common financial institution Unionbank is using Metaco’s platform Harmonize, which is dubbed a “digital asset custody and orchestration platform, as a completely managed service deployed within the cloud.” Metaco’s Harmonize will “handle governance and operations for the [Unionbank] pilot.
“Unionbank’s collaboration with its strategic associate Metaco has been crucial within the financial institution’s pursuit of realizing its imaginative and prescient of delivering superior, customer-centric providers to the Philippine market,” Henry Aguda, the chief know-how and operations officer and chief transformation officer at Unionbank, remarked. “We’re proud to proceed UnionBank’s collection of business firsts, this time being the primary regulated financial institution within the nation permitting digital foreign money change characteristic for purchasers.”
Unionbank goals to increase the service sooner or later because it needs to craft a “protected and compliant setting for thousands and thousands of Filipinos to custody and change digital currencies equivalent to bitcoin.” The Philippines-based monetary establishment mentioned it’s readying itself for “wider rollouts of its digital asset providers” whereas on the identical time “future-proofing its enterprise mannequin.”
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