A Filipino bank moves to create a digital assets custodial desk as cryptocurrencies grow in popularity in the country.
The Union Bank of Philippines plans to open a custodial service for cryptocurrencies as the asset class becomes increasingly popular among the local population.by Bloomberg, Cathy Casas, the bank’s head of blockchain and applications coordination department, outlined the institution’s plans recently. The top exec explained that it is a necessary strategy employed to secure the future of the organization.
Casas explained that most of the crypto adopters are the younger generations, who own tokens and also earn some profits through play-to-earn gaming platforms. “We are making efforts to educate our clients also via social media, making sure that they are safe,” Casas said.
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