Philippines’ UnionBank launches Bitcoin trading and custody services

The Philippines’ largest bank, UnionBank, has announced a pilot launch of trading and custody services for Bitcoin and Ethereum. The initiative has been implemented in partnership with Swiss custodian Metaco.

📢 Today we announce that @unionbankph goes live on METACO Harmonize™ to become the first universal bank in the PH to pilot #BTC & #ETH #custody and #trading services for select retail customers.
To read the full press release:https://t.co/xYXdkaoygp pic.twitter.com/H69vZw0yW0

— METACO (@metaco_sa) November 2, 2022

“We’re proud to have become the first regulated bank in the country to offer customers the ability to exchange digital currency,” said Henry Aguda, UnionBank’s Chief Technology and Operations Officer.

It was first revealed in January 2022 about the bank’s plans to add such a capability. At the time, representatives said they saw a future in the new direction, and the services would also cover tokenized bonds.

In 2021, UnionBank planned to launch a crypto custody service with Hong Kong-based company Hex Trust.

Earlier, the Philippine bank and Standard Chartered Bank implemented a pilot project for issuing blockchain bonds worth $187 million.

In July 2022, the central bank governor Felipe Medalla spoke out against banning cryptocurrencies. However, the regulator’s head noted the environmental harm of Bitcoin and the high volatility of digital assets.

Two months later the Central Bank imposed a three-month moratorium on licensing providers of virtual asset services.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analysis.