Union Bank of the Philippines announced that it is set to offer virtual asset exchange services through its mobile banking app. The bank said that it is the first universal banking entity in the country to offer this service.

Through this new feature, customers can now purchase and sell Bitcoin (BTC) directly from the UnionBank app without the need for a third-party virtual asset wallet.

The new feature will be offered to a select group of UnionBank customers, who will be able to see the Virtual Asset functionality in their app.

The launch is in compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulation on Virtual Asset Services, with the bank eyeing a wider roll-out in the near future.

With blockchain a major component of its future-proofing strategy, UnionBank said that it has been hard at work in exploring new use cases for the said technology and its offshoots such as cryptocurrency.

This also aligns with the UnionBank’s efforts to expand its footprint in the metaverse, after its first entry into the space through its partnership with homegrown NFT game Ark of Dreams last April.

UnionBank added that it is looking to launch of its Metaverse Center of Excellence in the next few months.

“Blockchain is a technology that we think will power the future of banking.

 

At the same time, we also recognise that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic,”

said Cathy Casas, Head of Blockchain Center of Excellence, Digital Asset Markets and API Marketplace Group at UnionBank.

“By launching this new feature, we are hitting two birds with one stone. Not only does this help us ensure that the bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies.

 

This is also one of the things that we are working on as we prepare our path towards entering the metaverse.”

said Henry Aguda, Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer.