Union Bank of the Philippines backs crypto custody services for investors –

As cryptocurrencies gain popularity among new-age and seasoned investors, Union Bank of the Philippines is preparing to take its first steps in the cryptocurrency pool. The trusted Philippine bank looks forward to designing a custodial desk entirely dedicated to cryptocurrencies to serve the local crypto community. This highly anticipated project will help local investors expand their crypto portfolios and enjoy a secure trading experience.

According to recent Report Reported by Bloomberg, Union Bank’s future plans were shared with the portal by Cathy Casas, the entity’s head of blockchain and applications coordination. Pioneer said the digital asset custody support will help banks expand their operational capabilities by updating the global financial center with the latest technological developments. The bank will issue tokenized bonds to its clients. The team is also working to educate people on the use of cryptocurrencies through social media platforms.

Generally speaking, nearly 1% to 2% of Philippians own virtual assets. Recent trends suggest that this figure could reach 5% in the next five years, making the cryptocurrency a top player in the local market segment. Union Bank of the Philippines was the first bank in the country to launch its own stablecoin, PHX, in 2019. The project has played an important role in providing banking services to the unbanked living in rural and inaccessible areas.

In an interview with Bloomberg, Casas revealed that most cryptocurrency holders are young people who own virtual tokens and make profits through gaming portals. According to data released by Binance, the world’s largest cryptocurrency exchange, Filipino investors hold more crypto assets than the average global community. Estimates show that one in five Filipinos has dealt with these scattered assets.

The constant indulgence of local investors in the Philippines can be attributed to the increased awareness of the use of crypto assets in the state. However, regulators have sought to limit marketing to retail customers by warning investors about the risks involved in crypto exchanges. Central Bank of the Philippines Governor Benjamin Diokno said crypto assets could pose a threat to financial clusters. The chief said these assets are fraught with vulnerabilities, so they can be used as tools for illicit activities that hinder economic growth.latest cryptocurrency custodian United Bank’s services will largely predict the future of cryptocurrencies in the region.