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Crypto trading and custodial services will be offered by one of the largest banks in the Philippines. Union Bank has revealed this news on Thursday further explaining that it’s a way to future-proof our banking business.
The Crypto market is attracting traditional banks to adopt it. Wider adoption of the crypto space has been phenomenal in the last two years. A few days ago, a report revealed that more than 300 banks in the US are planning to adopt this unstoppable bull by the end of this year. Now one of the largest banks in the Philippines, Union Bank, has also revealed its plans to provide crypto trading and custodial services to its users.
Union bank to offer Crypto trading and custodial services:
As reported by Bloomberg, Union Bank of Philippines with more than $15 billion assets under management plans to offer crypto trading and custodial services to its clients. The head of the bank’s blockchain and application programming interface group, Cathy Casas, has explained that as of now their customers hold 1% to 2% of their personal assets in crypto. She further explained that this percentage can be doubled or even tripled in the next five years.
Statistics show that 5% population of the country is already associated with the crypto market. The executive of the bank explained that many young persons are involved in crypto and they earn tokens from virtual games. On Thursday, Metaco, a provider of security software and infrastructure for the digital asset ecosystem, announced that Unionbank is implementing its digital asset management services. Metaco added that Unionbank is deploying services on IBM Cloud.
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