Union Bank of the Philippines (commonly known as Unionbank) has announced the launch of a new crypto service for its customers. Users of the mobile app will be able to exchange bitcoins and other digital currencies with no separate wallet.

Unionbank to Add In-app Crypto Exchange Feature, Reportedly a First in the Philippines

The Union Bank of the Philippines (Unionbank) is working to become the first universal bank in the country to facilitate cryptocurrency exchange within its mobile application. The lender stated that users will be able buy and sell cryptocurrency such as bitcoin right from their banking app, eliminating the need for a third party wallet.

Unionbank stated that it believes blockchain technology will be the foundation of the future banking industry in a statement that was quoted by ABS-CBN. “But at the same time, it is important to recognize that cryptocurrency has been one service that a lot customers are looking for, especially the younger generation. This demand was accelerated due to the pandemic,” said Cathy Casas (head of digital asset markets and blockchain 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 be initially offered to pre-selected users in the banking app, Unionbank said, but stressed that it will expand its reach in the near future. Henry Aguda, Senior Executive Vice President and Chief Technology and Operations Officer and Chief Transformation Officer has been quoted saying:

Not only does this help us ensure that the bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies.

The top executive stated that the bank’s in-app crypto exchange function is one of the many projects it is currently working on to prepare for entering the metaverse. Another initiative in the same direction is the partnership with NFT game Art of Dreams which was announced in April. In the next few months, the bank plans to open a Metaverse Center of Excellence.

While some digital banks in the Philippines like Maya offer exchange options for crypto assets already, Unionbank will become the first traditional lender to do so. Unionbank is a licensed cryptocurrency exchange. Bangko Sentral ng Pilipinas is the central bank of the Philippines that issues licenses for crypto trading platforms and service providers.

Do you expect other banks in the Philippines to offer crypto-related features in their mobile apps? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Walter Eric Sy

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