Key Takeaways
- Union Bank set to offer crypto custodial services
- Bank partners with reputable custodial firm Hex Trust
- This is not the first crypto initiative taken by Union Bank
According to the report, Union Bank has collaborated with custodial service platform Hex Trust to launch a digital asset custody service.
As terms of the partnership, Hex Trust will be providing custodial services for Union bank employees as part of the pilot tests.
Following successful testing, the custodial services will be expanded to offer digital asset custody for bank customers.
The report also noted that Union Bank was in full compliance with regulations laid down by the Philippine central bank (BSP).
Union Bank digital asset custody solution is likely to be successful due to its reputation in the Asian country.
It is one of the largest banks in the Philippines and users will be able to store their assets without any fears of security.
Hex Trust provides one of the safest custody services that supports more than 50 tokens from the top blockchain networks.
Some of the tokens supported include bitcoin, Litecoin, tether, XRP, Binance coin and Ethereum.
Union Bank added in a statement that the latest development places the bank in a position to become an industry leader in the fast growing blockchain sector.
The Philippines is rapidly becoming the home of cryptocurrency innovations with its low taxes and clear crypto laws attracting crypto companies.
From this report, banks do not want to be left behind in the crypto revolution.
Union Bank is no stranger to cryptocurrencies and made the news in 2019, following the installation of a bitcoin ATM in one of its branches in the Philippines.
This made it the first commercial bank to perform such action and the bitcoin ATM can only be accessed during banking hours.
What do you think about this development?
