UnionBank Expands Its Partnership With Hex Trust to Enter The Sandbox Metaverseby Fintech News Philippines December 6, 2022
Union Bank of Philippines (UnionBank) announced its entrance into the The Sandbox metaverse, a decentralised gaming virtual world and a subsidiary of Animoca Brands, by leveraging Hex Trust’s digital asset custody services.
Since March 2021, Hex Trust has been a licensed digital asset custodian to support NFTs, including those that provide access to metaversal platforms such as The Sandbox.
Through this move, UnionBank aims to support the growth of the Filipino Web3 community and artists through activities in the metaverse.
The process is said to be in full compliance with the regulations by the Bangko Sentral ng Pilipinas (BSP).
“The metaverse can create many opportunities for Filipinos to connect with the global community. However, these are also very valuable assets that need institutional-grade security and custody, for which we have partnered with Hex Trust acting as an independent licensed digital asset custodian.
Aside from giving our customers new and engaging experiences, we want to make sure that their interaction with the metaverse and NFTs is safe with us. This is another way of ‘Tech-ing’ up Pilipinas,”
Henry Aguda, Senior Executive Vice President, Chief Technology & Operations Officer, Chief Transformation Officer at UnionBank.
“As more banks and financial institutions such as UnionBank start entering the metaverse, the digital asset market will continue its growth and provide an increasing variety of use cases.
Hex Trust has long been a trusted infrastructure provider for banks and other financial institutions to safely and seamlessly integrate digital assets into their operations.”
said Calvin Shen, Managing Director, Hex Trust.