UnionBank cements its role as one of the pioneers of blockchain technology in the Philippines with the digital assets trading service in its bank app, which also serves as a gateway to the metaverse.
Through the new digital asset feature, customers can now directly purchase and sell Bitcoin from the bank's app without needing third-party digital currency wallets.
The digital peso bond issuance is the final step of the bank's process to pioneer the use of blockchain technology in issuing bonds in the country.
UnionBank raised PHP11 billion (US$208 million) in the first-ever digital peso bond offering in the Philippines, marking a successful proof of concept for the utilization of blockchain in the country.
In a disclosure to the Philippines Stock Exchange, UnionBank revealed that the bonds will have a minimum issue size of PHP 1 billion ($19 million).
Philippine Digital Asset Exchange, more popularly known as PDAX, will channel the funds towards making its infrastructure more accessible, safe and efficient.
UnionBank predicts that an average investor in the Philippines will hold 3-5% of his assets in digital currencies in the next five years, up from 1-2% currently.
UnionBank hopes to improve banking for the unbanked with its new blockchain platform
Firms looking to install a teller for virtual exchange conversions in the Philippines must be approved by the country's central bank.
UnionBank of the Philippines announced its intention to launch the first cryptocurrency ATM in the country, to allow crypto users' easy access to digital assets.
