Union Bank of the Philippines or UnionBank, the largest universal bank in the Philippines has successfully launched a pilot program to provide Bitcoin (BTC) and Ethereum (ETH) cryptocurrency services for selected retail customers.
It is well known that the project is part of deep research or testing to ensure that the service works properly for use so that customers can benefit from it without any difficulty.
It is understood that the UnionBank has signed an agreement with the Swiss crypto technology company, Metaco which will implement the reform on the Metaco Harmonize digital asset platform.
Previously, they were said to have collaborated on developing a crypto trading service in January 2022.
In context, UnionBank has been exploring and delving into the crypto market for the past few years right after the bank was licensed and supervised by the Philippines' central bank, Bangko Sentral ng Phlipinas (BSP).
In fact, UnionBank also implemented a payment-focused stablecoin based on the Philippine peso in 2019.
However, Metaco could not meet the bank's goal of providing quality services to Filipino customers, commented Henry Aguda, Chief Technology Officer and Chief Transformation Officer of UnionBank.
He added that UnionBank was one of the first entities to accept crypto in the Philippines and they will strive to be the first bank in the country to allow digital currency exchange for customers.
This follows because the President of the Philippines, Ferdinand Marcos insisted that he would pay attention to the use of blockchain technology to dominate banking and digital transactions.
