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Union Bank of the Philippines launches crypto trading service

Updated: Jul 25, 2024
Published: Jan 20, 2022
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Union Bank of the Philippines plans to offer trading and custody services for cryptocurrencies.

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Union Bank of the Philippines selects Metaco and IBM

On Thursday, Metaco, a cryptocurrency platform for businesses to secure, trade, issue, and manage digital assets, announced the addition of UnionBank as its newest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines with $15 billion in total assets under management. UnionBank will also deploy its digital asset management services in the IBM cloud, which is fully integrated with Metaco's solutions.

Metaco's solutions enable use cases for financial institutions such as trading, tokenization, smart contract management, and participation in decentralized finance. UnionBank will enhance asset insurability through FIPS 140-2 Level 4 certified key management and migration controls. FIPS 140-2 is the highest level of the U.S. government's computer security standard.

The bank launched its own stablecoin

About 5% of the Philippine population has engaged with cryptocurrencies. According to an estimate from Binance Holdings Ltd, operator of the world's largest cryptocurrency exchange, that's in line with the global average. UnionBank has already become the first Philippine lender to launch its stablecoin, called PHX, in 2019, allowing rural banks in its network easier access to remittances and payments.

This partnership with UnionBank follows METACO's recent opening of its Asia Pacific headquarters in Singapore. Last year, Metaco partnered with IBM Cloud to implement its digital asset management system on the latter. Metaco was founded in Switzerland nearly eight years ago and closed $17 million in Series A funding at the end of 2020.

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