The Union Bank of the Philippines 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. Cathy Casas, head of digital asset markets, blockchain, and application programming, 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; the pandemic accelerated especially the younger generation, and this demand.”
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 this year, the bank disclosed a strategy to facilitate cryptocurrency trading after announcing plans to test a custody service for cryptocurrencies.
According to Unionbank, the new exchange functionality will initially be made available to randomly pre-selected banking app users. Still, the company stressed that it plans to roll out to more customers soon. Henry Aguda, senior executive vice president, chief operating officer, and chief transformation officer, has been quoted:
“Not only does this help us ensure that the bank is more future-ready, but we can also serve the needs of our customers who use cryptocurrencies.”
The top executive noted that one of the projects the bank is working on as it gets ready to enter the metaverse is the in-app cryptocurrency trading feature. The collaboration with the NFT game Art of Dreams, revealed in April, is another step in the same direction. The bank plans to open a Metaverse Center of Excellence in the upcoming months.