Unionbank will Launch an App The Philippines' First Reported Crypto Exchange Feature 

The Union Bank of the Philippines (Unionbank) is attempting to establish itself as the nation's first universal bank to offer cryptocurrency exchange through its mobile app. Users won't need a third-party wallet anymore because they can purchase and sell cryptocurrencies like bitcoin directly from the banking app, according to the lender. 

Unionbank expressed its opinion that blockchain technology will be the driving force behind the future of banking in a statement that was cited by the ABS-CBN broadcasting network. "At the same time, we also acknowledge that cryptocurrency has been one of the services that many customers, particularly the younger generation, have been yearning for, and this demand was sped up by the pandemic," said Cathy Casas, director of blockchain technology and application programming.

One of the top 10 banks in the Philippines by assets under management, Unionbank, has made a name for itself as a crypto-friendly organization. In January of this year, the bank disclosed a strategy to facilitate cryptocurrency trading after having previously announced plans to test a custody service for cryptocurrencies. 

According to Unionbank, the new exchange functionality will initially be made available to randomly pre-selected users of the banking app, but the company stressed that it plans to roll it out to more customers in the near future. Henry Aguda, senior executive vice president, chief operating officer, and chief transformation officer, is credited with saying: 

This not only makes the bank more future-ready, but it also allows us to better meet customer needs.

The bank is working on several projects as it gets ready to enter the metaverse, the senior executive continued, including the in-app cryptocurrency trading option. The cooperation with NFT game Art of Dreams, which was unveiled in April, is another effort in the same vein. In the upcoming months, the bank also plans to open a Metaverse Center of Excellence. 

While other Philippine digital banks' platforms, like Maya, currently provide exchange alternatives for digital currency, Unionbank will be the first significant traditional institution to do so. The bank holds a bitcoin exchange license. In the Philippines, licenses are granted to crypto trading platforms and service providers by the Bangko Sentral ng Pilipinas, the central bank of the nation. The bank is working on several projects as it gets ready to enter the metaverse, the senior executive continued, including the in-app cryptocurrency trading option. The cooperation with NFT game Art of Dreams, which was unveiled in April, is another effort in the same vein. Additionally, the bank plans to open a Metaverse Center of Excellence in the upcoming months. 

While other Philippine digital banks' platforms, like Maya, currently provide exchange alternatives for digital currency, Unionbank will be the first significant traditional institution to do so. The bank holds a bitcoin exchange license. Bangko Sentral ng Pilipinas, the country’s central bank, is the authority that issues licenses to crypto trading platforms and service providers in the Philippines.

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