The Union Bank of the Philippines (Unionbank) is working to facilitate the development of a cryptocurrency exchange within its mobile application, a report by ‘bitcoin.com’ has said.
According to the report, “users will be able to buy and sell cryptocurrencies such as bitcoin directly from the banking app, the lender said, doing away with the need to have a third-party wallet.
“In a statement quoted by the ABS-CBN broadcasting network, Unionbank shared its view that blockchain is a technology that will power the future of banking. “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,” commented Cathy Casas, head of digital asset markets, blockchain and application programming.
“Unionbank, which is one of the top 10 banks by assets under management in the Philippines, has already established itself as a crypto-friendly institution. About a year ago, it announced preparations to pilot a custody service for cryptocurrencies, and in January of this year, the bank unveiled a plan to facilitate crypto trading.
“The new exchange functionality will initially be offered to randomly pre-selected users of the banking app, Unionbank explained but emphasized it will aim for a wider rollout soon. Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda have been quoted as saying:
“Not only does this help us ensure that the bank is more future-ready, but we are also able to serve the needs of our customers who use cryptocurrencies.” the report said.