The bank wants to further push its initiative towards blockchain technology.
Union Bank of the Philippines, led by Bankero Edwin Bautista, is set to become the first universal bank to offer virtual asset exchange through its mobile app. In line with its thrust of providing innovative solutions to its consumers, the bank now allows purchase and sell Bitcoin directly through the app, omitting the need for a third-party virtual asset wallet. The new crypto-enabled feature will be launched through randomly pre-selected clients but shall be launched in a phased manner.
The launching of the app is in compliance with the BSP’s published regulation on Virtual Asset Services.
Unionbank is set to offer a new cryptocurrency exchange feature on its mobile app, allowing direct selling and purchasing without the need for a third-party asset wallet.