The cryptocurrency market is again rising after facing a long time of crypto winter. Now a piece of news has come in the cryptocurrency market that can also give a push to the crypto industry. One of the biggest financial firms in Asia, the Union Bank of the Philippines has started trading in Bitcoin (BTC) and Ethereum (ETH) for their retail customers.
The Union Bank of the Philippines has recently started a pilot project to introduce crypto assets custody and trading services for its clients. Union Bank of the Philippines has collaborated with a Swiss technology company, Metaco to offer crypto services to its clients. Now soon the clients will be able to avail of trading services for Bitcoin and Ethereum.
Union Bank is one of the top firms providing financial services to clients. This bank is at the forefront of crypto adoption in the country. And Metaco a Swiss technology company started in 2015, is providing services to financial and non-financial institutions to manage their digital asset business securely and efficiently.
The bank is also planning to launch its own crypto trading exchange platform. The bank mainly focuses on the Philippine peso-bitcoin trading pair and tokenization of Philippine assets.
On November 2022, Metaco tweeted, “Today we announce that Union Bank goes live on METACO Harmonize to become the first universal bank in the Philippines to pilot Bitcoin and Ethereum custody and trading services for selected retail customers.”
Harmonize is a digital asset platform developed by Metaco for Union Bank to manage crypto trading services. This platform allows Union Bank to securely explore a range of digital assets and their use cases like crypto custody, investment, and trading services.
The Union Bank has also announced that they have partnered with the Luno cryptocurrency platform to provide crypto-to-fiat trading services to its customers.
The Philippine government is also planning to adopt Blockchain technology to improve its digital banking services.