As the crypto market continues to grow, banks are becoming more receptive to offering crypto services. That is also the case with the Philippines’ Unionbank, as they will soon offer crypto services via their mobile app. This will give citizens of the country access to crypto via a major financial institution and hence make crypto adoption even better. And since the bank is offering crypto service directly via its mobile app, there will be less friction for new users trying to invest in crypto.
Unionbank will change the crypto game in the Philippines
Philippines’ Unionbank will become the first major financial institution to offer crypto services directly via its mobile app. In context, it is like the State Bank of India or HDFC bank offering Bitcoin investment services via their app. There won’t be the need to have a 3rd party wallet which will make this system more trustworthy.
Unionbank believes that blockchain has the power to change the entire landscape of banking. So, they are quite optimistic about its future as well as cryptocurrencies. Customer demand already explains it as they have looking to invest in the same. Moreover, the demand has just accelerated massively due to the COVID-19 pandemic.
The bank has already taken a crypto-friendly approach and has clearly stated its stance. Note that they started preparations to offer custody services in 2021 and talked about their future plans to enable crypto trading in Jan 2022. And so, they are finally enabling it. First, there will be a pilot phase where a selected number of users will be able to access the option. A mass rollout will follow thereafter.
The crypto game
Unionbank doesn’t want to lag behind by not adopting technology that is in demand right now. Its goal is to be future-ready and also offer services that users want. Unionbank is also planning to enter the metaverse space, said a top-level executive of the company. They are also dabbling with NFTs, which shows how much they are into the crypto space. They also have the license to operate as a licensed crypto exchange in the country.
What are your thoughts as the Philippines’ Unionbank says it will offer crypto services? And do you think the crypto space is revolutionizing with such major names? Let us know in the comments below. And, if you found our content informative, do share it with your friends.
Also Read: Philippines won’t be taking crypto license applications anymore.
