Unionbank of the Philippines has announced that it will soon launch a cryptocurrency service for its clients.
The financial institution will offer select users of its mobile app the option to exchange bitcoin and other digital currencies without the need for a third-party wallet. Union Bank of the Philippines is working to become the first universal bank in the country to facilitate cryptocurrency exchanges in its mobile app.
“We recognize that cryptocurrency is already one of the services that many customers are looking for, especially the younger generation, and this demand has been accelerated by the pandemic,” said Cathy Casas, head of the bank.
Additionally, Union Bank said the new transaction functionality will initially be available to randomly pre-selected users of the banking app, but it aims to roll out more broadly in the near future.