Philippines UnionBank to create In-App Crypto Exchange Feature

• Union Bank users will soon be able to trade their crypto assets directly from their banking app eliminating third-party wallets.
• Union Bank will be the first Universal bank in the Philippines to provide virtual asset exchange services.

Union Bank is dedicated to becoming the first in southeastern Asia country Philippines to offer crypto exchange services within their mobile banking app. Bankers will have the chance to trade their crypto assets such as Bitcoin and other crypto currencies straight from their Mobile apps eliminating Multiple apps and third-party wallets.

Releasing a statement with the ABS-CBN broadcasting network, head of digital asset markets, blockchain, and application programming Cathy Casas said:

“At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic”

The launch is in accordance with the laws and regulations set by  Bangko Sentral ng Pilipinas’ (BSP) regulation on Virtual Asset Services. Earlier this year, UnionBank, One of the top banks by assets under management, launched crypto trading and custodial services making Union Bank a crypto haven.

This yet-to-come feature will see randomly Pre-selected users use this app but the bank is targeting to offer a larger margin in the near future. Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda said;

“Not only does this help us ensure that the bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies.”

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The top executive added that more was yet to come as launching the In-App crypto Exchange feature was one step closer to joining the metaverse. Union Bank plans to join forces with Ark of Dreams, an NFT game;

This also aligns with the bank’s efforts in expanding its footprint in the metaverse, after its first entry into the space through its partnership with homegrown NFT game Ark of Dreams last April.”

Bangko Sentral ng Pilipinas, the country’s central bank has already certified the bank as a licensed Cryptocurrency exchange.