Union Bank of Philippine has decided to integrate cryptocurrency offerings with her financial and digital service institution. The Multi-awarded Universal bank has joined its peers in other countries to offer digital currency services. The announcement was made known earlier by the financial institution’s Executive Vice president, Henry Aguda, via a live broadcast.
UBP To Launch Crypto Exchange Feature In Mobile Application
The Union bank has just broken a milestone in the Philippine cryptocurrency, financial space and industry. UBP is the first financial institution to make such a move in the country. Predictions are that the in-app launch will get Universal bank more exposure and users.
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According to the announcement, the financial institution’s mobile applications will be upgraded after the launch. After the upgrade, the bank users can get to convert their cash to Bitcoin or other Altcoins without having to use a centralized/decentralized wallet.
The newly launched cryptocurrency platform will be developed to work independently without needing wallets. All transactions, exchanges, transfers, and sales will be made via the mobile applications between the institution user.
Excerpt from the institution’s digital markets, application and blockchain team leader, Cathy Cacas, states, “The blockchain technology is a useful and important tool in the financial and banking space/industry. The future of the banking industry will be powered by blockchain technology and possible Metaverse”.
The financial institution stated that it is well acquainted that cryptocurrency is one of the current trends in the world with progressive growth interest. The demand for cryptocurrency offerings services in the present generations is high, one of the factors triggering the crypto exchange feature upgrade.
Philippine Union Bank Entry Into Cryptocurrency Space
Prior to the announcement of the crypto exchange upgrade on the Universal bank mobile app, UBP has given hints regarding space entry. The institution announced its plans to start crypto trading in January and deciphered itself as a crypto-loving institution.
However, the in-app crypto features may not be available to all the institution’s users after the launch and rollout. The institution Chief Operating Officer stated that certain users would be selected to use the in-app features. After the success of the test and launch, the masses may be allowed to use the services.
The financial institution’s COO, Henry Aguda, also hinted that the UBP is working on a Metaverse project. The Metaverse NFT-game project will be launched soon in collaboration with a virtual reality company.
The Universal bank is one of the oldest and top ten banks by assets in the Philippines. Following the new crypto offering by the bank, crypto enthusiasts in the Philippines are set to enjoy new and well-defined crypto exchange services. The in-app exchange features may positively impact the crypto adoption rate in the Philippines.