{"id":56257,"date":"2022-01-20T14:00:08","date_gmt":"2022-01-20T12:00:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56257"},"modified":"2025-09-04T05:30:32","modified_gmt":"2025-09-04T02:30:32","slug":"philippines-largest-bank-to-offer-crypto-trading-and-custody","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/philippines-largest-bank-to-offer-crypto-trading-and-custody\/","title":{"rendered":"Philippines\u2019 largest bank to offer crypto trading and custody"},"content":{"rendered":"<p>UnionBank, the Philippines\u2019 largest bank, will add crypto trading and custody to its range of services, writes <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-20\/crypto-enthusiasm-prompts-philippine-bank-to-launch-trading\">Bloomberg<\/a>.<\/p>\n<p>The initiative <a href=\"https:\/\/www.hubbis.com\/news\/union-bank-of-the-philippines-selects-metaco-and-ibm-to-orchestrate-its-digital-asset-custody-operations\">\u0440\u0435\u0430\u043b\u0438\u0437\u0443\u044e\u0442<\/a> in partnership with Swiss custodian Metaco and IBM.<\/p>\n<p>According to Cathy Casas, head of UnionBank&#8217;s blockchain group, in five years the average Filipino will allocate 3% to 5% of personal assets to cryptocurrencies (currently 1\u20132%). A notable portion of the institution&#8217;s clients are young people interested in <span data-descr=\"play-to-earn; play to earn\" class=\"old_tooltip\">P2E<\/span>, she added.<\/p>\n<p>UnionBank sees a future in this new line of business. Ms. Casas estimates that around 5% of the local population has interacted with cryptocurrencies.<\/p>\n<p>The bank\u2019s services will also cover tokenised bonds. In December 2020, in partnership with Standard Chartered Bank UnionBank <a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-and-unionbank-issue-blockchain-bonds-worth-187-million\">completed testing<\/a> of a proof of concept for their issuance.<\/p>\n<p>In 2019 the lender issued the PHX stablecoin for settlements with rural banks.<\/p>\n<p>Bloomberg noted that the Philippines central bank has not shown enthusiasm amid the rising popularity of cryptocurrencies. The regulator&#8217;s governor, Benjamin Diokno, previously <a href=\"https:\/\/cnnphilippines.com\/business\/2021\/5\/21\/BSP-cryptocurrency-vulnerability-dirty-money-value-fluctuation.html\">\u043e\u0442\u043c\u0435\u0442\u0438\u043b<\/a> that they pose risks to the financial system due to their use in money laundering and the financing of terrorism. Earlier in August 2021, UnionBank and Hong Kong-based crypto custodian Hex Trust <a href=\"https:\/\/forklog.com\/en\/news\/philippines-largest-bank-to-pilot-crypto-custody-service\">\u0437\u0430\u043f\u0443\u0441\u0442\u0438\u043b\u0438<\/a> a pilot digital asset custody service.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UnionBank, the Philippines&#8217; largest bank, will add crypto trading and custody services to its offerings, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":56258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2156,435,2048],"class_list":["post-56257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-metaco","tag-philippines","tag-union-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56257"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56257\/revisions"}],"predecessor-version":[{"id":56259,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56257\/revisions\/56259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56258"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}