UnionBank of the Philippines to Offer Cryptocurrency Exchange to Certain Users Within Its Mobile App

Unionbank of the Philippines announced that it will offer select users of its mobile app the ability to exchange bitcoin and other digital currencies without the need for a third-party wallet, Blockchain.com reported. Cathy Casas, head of the bank, said, “We recognize that cryptocurrency-related services are already one of the services that many customers are looking for, especially the younger generation.” The transaction function will initially be available to random pre-selected users of the bank’s application. But its goal is a wider rollout in the near future. Unionbank, one of the 10 largest banks in the Philippines by assets under management (AUM) with more than $15 billion in assets under management (AUM), piloted cryptocurrency custody services last August, and in January this year, the bank unveiled a plan to facilitate crypto trading.