Philippine-based universal bank UnionBank starts offering Bitcoin and Ethereum trading with the help of a Swiss crypto company Metaco.
In an announcement made last November 2 by Metaco, it is said that UnionBank has launched a pilot program for Bitcoin and Ether trading and custody services. It will be available for select retail customers, before it will be offered to the general public.
UnionBank teamed up with a Switzerland-based crypto firm Metaco. With this partnership, UnionBank will now be present on Harmonize, Metaco’s digital asset platform.
The Philippine bank and Swiss crypto firm partnership began months ago to help develop crypto trading services.
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This isn’t the first time UnionBank dipped its toes in the cryptocurrency industry. Back in 2019, the BSP-licensed and supervised company released a payment-focused stable coin for the Philippine pesos.
UnionBank’s chief technology officer and transformation officer head Henry Aguda highlighted how Metaco helped them provide customer-centric services to Filipinos. He also noted that they are one of the early adopters, who are regulated, of crypto in the Philippines.
This development came after the Philippines’ central bank released a warning against the use of non-local crypto trading platforms. The BSP cited the challenges in enforcing consumer protection since users would be dealing with foreign virtual assets.
Source: Metaco