The Union Bank of the Philippines (Unionbank) is reportedly ready to offer a cryptocurrency storage service that is fully compatible with Bangkok’s Central Bank ng Pilipinas (BSP), according to the bank. The offer was made in partnership with Hex Trust, Asia’s leading digital asset custodian.
Philippine Unionbank prepares to offer crypto storage service
Union Bank of the Philippines (Unionbank), one of the country’s largest banks, has partnered with Hex Trust to launch its digital asset storage service and announced a cryptocurrency storage company last week.
Hex Trust offers a banking-level crypto storage platform called hex, which is secure for banks, financial institutions, asset managers, exchanges and corporations. “In October, ethereum supports more than 100 tokens and tokens from the top 10 blockchain protocols, in addition to security tokens built on Tezos and Corda,” the website reads. Supported cryptocurrencies include bitcoin, ether, XRP, bitcoin cash, lightcoin, binance coin, and Tether Dec.
Initially, Hex Trust will offer digital asset storage service to UnionBank employees as a pilot launch before launching “a fully commercialised digital asset storage service for bank customers.”:
Unionbank fully complies with the rules of Bangko Sentral ng Pilipinas (BSP) when providing this service. This partnership brings UnionBank to the forefront of the industry once again as banks begin to enter the digital asset sector.
“Unionbank sees its digital asset space maturing as more customers and institutional investors show interest in digital assets and blockchain,” the announcement said.
In early 2019, the bank made headlines when it set up a bitcoin ATM at one of its main branches. “The ATM is located in Makati’s Ark and can only be opened during the opening hours of the Ark branch,” a spokesman for UnionBank said Bitcoin.com news for the moment.
Henry Aguda, UnionBank’s chief technology and operations officer, responded last week:
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