The largest bank in the Philippines, UnionBank, will add trading and storage of digital assets to the line of services, writes Bloomberg.
initiative implement jointly with the Swiss custodian Metaco and IBM.
Cathy Casas, Head of Blockchain at UnionBank, estimates that in five years, the average Filipino will have 3% to 5% of their personal assets invested in cryptocurrencies (currently 1-2%). A significant part of the institution’s clients are young people who are interested in P2Eshe added.
UnionBank sees the future in the new direction of business. According to Casas, about 5% of the local population interacted with cryptocurrencies.
The bank’s services will also cover tokenized bonds. In December 2020, in partnership with Standard Chartered Bank, UnionBank completed proof-of-concept testing of their issuance.
In 2019, the lender issued the PHX stablecoin for settlements with rural banks.
Bloomberg recalled that the Bank of the Philippines is not enthusiastic about the growing popularity of cryptocurrencies. Governor Governor Benjamin Diokno formerly notedthat they pose a risk to the financial system due to their use in money laundering and terrorist financing. Recall that in August 2021, UnionBank and crypto custodian Hex Trust from Hong Kong launched a digital asset custody service in a pilot stage.
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