Union Bank of the Philippines plans to offer trading and custodial services for cryptocurrencies to capitalize on fast adoption of digital tokens in the Asian nation.
The average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets like Bitcoin in five years assuming markets are "stable," up from around 1% to 2% now, said Cathy Casas, head of the bank's blockchain and application programing interface group. Many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games, she said.
About 5% of the local population have dabbled in cryptocurrencies, Casas estimated. That's in line with the global average, according to an estimate from Binance Holdings Ltd., operator of the world's largest cryptocurrency exchange.
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Union Bank of the Philippines plans to offer crypto trading
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Everyone is getting in the crypto hype!
- Block user
yes. even my old friends are now into crypto haha
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Increasing bank acceptance!
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its a good sign. Hope other financial institutions will consider as well
