UnionBank to offer crypto trading and custodial services

UnionBank has revealed that it has plans to offer cryptocurrency trading and custodial services to capitalize on the fast adoption of cryptocurrencies and to future-proof its banking business.

Cathy Casas, head of UnionBank’s blockchain and application programing interface group, revealed to Bloomberg the bank’s plan, saying that the average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets like Bitcoin in five years assuming markets are “stable.” Casas also said that many crypto investors are young people with some earning from play-to-earn games.

As for custodial services or storage solutions for digital assets, it will also be capable of covering tokenized bonds. The bank will also use a system developed by Switzerland’s Metaco for managing its digital-asset operations.

source: Bloomberg