The Union Bank of the Philippines (Unionbank) is attempting to establish itself as the nation’s first universal bank to offer cryptocurrency exchange through its mobile app. Consumers would no longer require a third-party wallet since users would be able to buy and sell cryptocurrencies like Bitcoin directly from the banking app, according to the lender. Unionbank’s Opinion on Blockchain Technology Unionbank expressed its view in a statement cited by the ABS-CBN broadcasting network that blockchain technology will be the driving force behind 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, the pandemic accelerated especially the younger generation, and this demand,” One of the top 10 banks in the Philippines by assets under management, Unionbank, has already made a name for itself as a crypto-friendly organization. This year in January, the bank disclosed a strategy to facilitate cryptocurrency trading after announcing plans to test a custody service for cryptocurrencies. Unionbank’s New Exchange Option Unionbank stated that the new exchange option would initially be made available to randomly chosen banking app customers but highlighted that it would seek a broader deployment shortly. The top executive noted that one of the projects the bank is working on as it gets ready to enter the metaverse is the in-app cryptocurr...
