One of the largest banks in the country has just launched cryptocurrency investment tools. With the Philippines Union Bank bringing Bitcoin and Ethereum trading to their customers.
They are one of the largest banks in the country, and they are now operating in the cryptocurrency sector. News surfaced today that the Philippines chain is partnering with a Swiss cryptocurrency firm to introduce the trading of two of the market’s most popular coins.
A pilot program for holding and trading select cryptocurrencies has officially been launched in the Union Bank of the Philippines. Subsequently, the landmark decision will allow select customers to trade Bitcoin (BTC) and Ethereum (ETH) as of today.
The offering is brought to life by METACO, a Swiss technology company that has partnered with Union Bank. In a joint statement, the company revealed that “Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, has gone live on METACO’s flagship platform, Harmonize, to pilot the launch of crypto services for its clients.”
UnionBank of the Philippines has been at the forefront of cryptocurrency integration since 2019. The financial institution launched its own stablecoin in 2019 and has been partnered with METACO since January 2022.
Moreover, Ferdinand “Bongbong” Romualdez Marcos Jr., current president of the Phillipines, previously spoke about the vitality of digital banking. In a September speech, Marcos commended the work of UnionBank specifically.
Additionally, Henry Aguda, chief technology and operations officer at Union Bank stated, “We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”