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The Union Bank of the Philippines (Unionbank) will offer a crypto custody service, in collaboration with Hex Trust, a leading Asian digital asset custodian.
The bank says the product is in full compliance with the Bangko Sentral ng Pilipinas (BSP).
Hex Trust provides banks, financial institutions, asset managers, exchanges, and corporations with a proprietary bank-grade crypto custody platform called Hex Safe.
The platform supports over 100 coins and tokens from the top 10 blockchain protocols, and security tokens built on Ethereum, Tezos, and Corda.
Among supported cryptocurrencies are bitcoin, ether, bitcoin cash, litecoin, tether, and XRP.
Hex Trust will initially pilot digital asset custody to Unionbank’s employees before launching a fully commercialized digital asset custody service for Unionbank customers.
Unionbank sees the digital asset space maturing with an increasing number of customers and institutional investors showing interest in digital assets and the blockchain.
In early 2019, the bank installed a bitcoin ATM at one of its main branches.
