Philippine Unionbank to launch cryptocurrency trading and storage services

Union Bank of the Philippines (UBP) said it plans to offer cryptocurrency trading and storage services. Cathy Casas, head of the bank's blockchain group, explained that in the Philippines, a middle-income investor holds 1% to 2% of cryptocurrency assets in her wallet.

According to her, if the cryptocurrency market becomes more "stable," investors will increase the amount of digital assets in their portfolios to 3% or even 5% in 5 years. Casas believes that about 5% of Filipinos have bought cryptocurrencies at least once.

She specified that many cryptocurrency investors are young people earning gaming tokens at GameFi. Casas believes that cryptocurrency storage and trading services are "a way to secure the future of our banking business."

Unionbank is one of the largest universal banks in the Philippines, with more than $15 billion in assets under management. It is one of the first financial institutions in the Philippines to embrace cryptocurrencies. Back in September, UnionBank, one of the ten largest banks in the Philippines, said it would launch a custodial service for digital assets in partnership with cryptocurrency company Hex Trust.

An October 2021 Chainalysis report said the Philippines ranks 15th among South Asian and Oceania countries in the adoption of cryptocurrencies. In June, the Philippine Stock Exchange (PSE) said it was preparing to launch trading with digital assets. As soon as financial regulators allow cryptocurrency trading in the country, PSE will launch such a feature.