UnionBank has revealed that it has plans to offer cryptocurrency trading and custodial services to capitalize on the fast adoption of cryptocurrencies and to future-proof its banking business.
Cathy Casas, head of UnionBank’s blockchain and application programing interface group, revealed to Bloomberg the bank’s plan, saying that the average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets like Bitcoin in five years assuming markets are “stable.” Casas also said that many crypto investors are young people with some earning from play-to-earn games.
As for custodial services or storage solutions for digital assets, it will also be capable of covering tokenized bonds. The bank will also use a system developed by Switzerland’s Metaco for managing its digital-asset operations.
source: Bloomberg
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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