UnionBank Will Provide Its Customers Access to Cryptocurrencies
UnionBank, the largest bank in the Philippines, announced a series of customer services that involve storage and transactions in crypto.
Union Bank of the Philippines is launching cryptocurrency storage and trading services. The project is jointly implemented with technology giant IBM and Swiss custody company Metaco.
UnionBank has a separate unit working on blockchain projects. In a commentary for Bloomberg, Cathy Casas, head of the unit, said that up to 5% of all savings of Filipinos would be stored in crypto within five years. She also notes that a noticeable percentage of the bank’s customers are young people, P2E gamers.
In addition, the bank is developing tokenized bonds and stablecoin issuance projects. UnionBank estimates the crypto market as the main industry for the future. The bank believes that about 5% of Filipinos already use cryptocurrencies.