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UnionBank launches in-app crypto exchange

UnionBank
TL;DR Breakdown
  • Philippine bank launches in-app crypto exchange
  • The bank will allow select users to test the new feature
  • UnionBank plans to enter the metaverse

UnionBank, a popular bank in the Philippines has announced that it is launching a new crypto-related initiative for its users in the coming days. According to the financial institution, some members of its client will be able to leverage the banks’ application to trade digital assets without the need for an external wallet. With this initiative, the bank will become the first financial institution in the country to provide an application with in-built crypto support.

The Bank will allow only select users to test the new feature

According to the bank’s statement, interested users who are part of the selected few will be able to trade digital assets on the mobile application. However, the bank has failed to communicate the number of digital assets that the application will support. Also, the bank noted that its aim behind infusing the exchange into the bank’s app is to eliminate any need for a third-party application.

In its statement, the UnionBank reiterated that it believes that blockchain has the power needed to shape the figure of finance. The bank also noted that the most of its users have been clamoring for the addition of digital assets to the bank’s mobile application for a while. The spokesperson of UnionBank noted that the demand saw a surge during the pandemic and has failed to reduce even after the pandemic was over.

UnionBank plans to enter the Metaverse

UnionBank ranks in the top 10 positions in terms of financial institutions in the Philippines with its crypto stance putting it far ahead of others. About one year ago, the bank announced that it was going to launch a service where it will help its users take custody of their digital assets. UnionBank launched this service in January, with the bank bettering the service with this new update. Although the bank mentioned that only a few of its members will be allowed to make use of this service, it will enable others the opportunity to be able to use it in the future.

A top executive of UnionBank said that the new update is a means to test its readiness for the future amid providing a solution for customers of the bank that plan to use crypto on the platform. The executive also mentioned that the bank is looking at the likelihood of entering the metaverse as this new update will shape them up to enter the space in the coming years. Although few banks have been dealing with crypto in the country, UnionBank will be the first to launch this type of feature in the country.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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