Philippine Bank to Offer Bitcoin Trading: Report

The Union Bank of the Philippines is planning to offer bitcoin and cryptocurrency trading and custody services to its customers, according to a Bloomberg report.

The move seeks to capitalize on the rampant adoption of such assets in the Asian nation, the report said, as the average investor in the country is expected to hold between 3% and 5% of their personal assets in cryptocurrency in five years. Currently, these figures are approximately 1% to 2%, Cathay Casas, head of the bank’s blockchain and application programming interface group, told Bloomberg.

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