Union Bank is the first Philippine bank to offer mobile Bitcoin (BTC) trading services

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The offering is only available to a few customers, but a full rollout is expected to begin soon.

After the massive interest in cryptocurrencies, traditional financial institutions, including Banks, join the crypto bandwagon to keep customers.

Corresponding A report by local news outlet Inquirer.NetUnion Bank of the Philippines is the first bank in the country to offer cryptocurrency trading services to its customers.

More details about the offer

Union Bank of the Philippines customers can access the service through the bank’s mobile application. Specifically, Union Bank customers can buy and sell Bitcoin, the world’s largest cryptocurrency by market cap, directly through the app without the need for a third-party wallet service.

The initiative will make buying and selling the top asset class easy and convenient for Filipinos. However, the offer will initially be extended to selected Union Bank customers. While some Union Bank customers may see the virtual assets feature on their mobile app, others may not have access to the functionality in the early stages of rollout. The idea is to test the new feature to see if technical glitches can occur. The report added that a full rollout would happen if everything went smoothly.

The launch is in accordance with the Central Bank of the Philippines (BSP).

Union Bank fully enters the Metaverse

Henry Aguda, senior executive vice president chief technology at Union Bank said:

“With the launch of this new feature, we are killing two birds with one stone – future-proofing the bank and serving the needs of clients using cryptocurrencies.”

Interestingly, Aguda added that the offer would pave the way for the bank’s push into the Metaverse.

“This is one of the things we’re working on as we pave our way to the metaverse,” Aguda added.

It is notable that Union Bank of the Philippines intends to delve deeper into the cryptocurrency industry by opening the country’s first-ever Metaverse Center of Excellence.

Union Bank first ventured into the Metaverse in April following its partnership with a non-fungible token (NFT) project, Ark of Dreams.

The development is now part of the bank’s efforts to develop customer-centric solutions based on new technologies.

The bank recently launched a new campaign called Tech-Up Pilipinas, an initiative to promote digital literacy and Financial inclusion across the country.

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