One of the largest banks in the Philippines by total assets, UnionBank, is getting help from crypto custodian Hex Trust for the pilot of a digital asset custody service.
Hex Trust will start offering an internal service for the bank’s employees on a pilot run. The bank revealed it wants to explore the maturing of the digital asset space as a result of growing institutional and customer demand.
The follow-up step is the rollout of a fully commercialized custody service for the customers of the bank. This will let the bank safeguard the digital assets of the customers on their behalf as part of a regulated environment.
Unionbank also declared that it is compliant in this with the Philippines’ Bangko Sentral ng Pilipinas (BSP).
Henry Aguda, the bank’s chief technology, and operations officer commented: “We are excited to be the first Philippine bank to pilot a custody service for digital assets for our own employees, overseen by the BSP so that we can prepare the groundwork for a safe and protected system for customers’ digital assets.”