Philippines-based Union bank is now planning to introduce its crypto trading services and custody service also.
Because of the adoption of the crypto and blockchain industry, people are moving from the traditional money market to this advanced global crypto market to play with their money. Despite huge volatility, people are not willing to go with the stock market. They are more eager to use crypto than stock. And in this choice, traditional banks are facing a huge struggle to grow and grab users. But the majority of the banks are either trying to bring restrictions for the users or trying to jump into crypto so that they can bind the users in Bank’s services.
Union Bank of the Philippines (UBP) became the latest Bank from the Philippines to dive into the crypto industry besides the traditional banking services.
Recently, Bloomberg published a report on this bank. Report confirmed that the Bank is ready with its plans to start its business in this industry.
The head of the bank’s blockchain and application programming interface group of Union Bank, Cathy Casas, noted that country’ 1-2% investors have an investment in Bitcoin-like assets. And if the market will remain stable then this number will surge by 3-5% in the next 5 years.
Cathy also pointed out that around 5% of local citizens have invested in the crypto industry and the majority of the investors belong to the younger generation. However few are making crypto assets earned by play2earn games.
“It’s a way to future-proof our banking business,” Cathy added
Earlier, in August 2021, Union bank confirmed that Bank is planning to launch its crypto Custody services for the customers. And also claimed that crypto is here to stay.
It is worth it to note that Union bank will provide crypto Custody service in the form of tokenized bonds, probably it is because of the stance of Bangko Sentral ng Pilipinas (BSP), which claimed that crypto Investment is very risky and have huge risks also because of vulnerability that may result into Money Laundering and illicit activities.