UnionBank chooses Metaco and IBM for crypto storage. A consortium led by Metaco and IBM has been selected to provide orchestration. For cryptocurrency storage solutions by the Union Bank of the Philippines. A crypto-friendly banking institution. In a statement made on Thursday by Union Bank. The bank stated that the bank will deploy crypto management services on the IBM Cloud.
The technology, according to Cathy Casas, the bank’s blockchain program manager. Recently claimed to Bloomberg that it provides a mechanism. For the bank to “future-proof” its banking operations in the long run.
When it comes to doing their business, they will rely on Metaco’s Harmonize service. Which is a crypto orchestration system. In order to strengthen the insurability of their assets. UnionBank will benefit from the implementation of approved physical controls. For key management and migration throughout their locations.
“We are driven by a desire to make a meaningful and long-lasting contribution. To society in a variety of ways. In the course of pursuing a common vision, our strategic engagements. With companies such as Metaco have allowed us to form a substantial alliance. And we are grateful for this chance.” The remark, according to UnionBank Senior Executive Vice President Henry Aguda. It was issued on Wednesday.
As a result of the company’s recent establishment of its Asia Pacific headquarters in Singapore. Metaco has formed a collaboration with UnionBank.
Pro-Crypto Moves of UnionBank
As of August 2021, UnionBank began selling cryptocurrency custody services. Claiming that it is in “full compliance” with the Central Bank of the Philippines. In providing this service.
Since installing the world’s first two-way bitcoin ATM at its main bank branch in early 2019. The bank has been looking into cryptocurrency-friendly options. Primarily to meet the growing demand for remittance services.
PHX, a stablecoin launched by UnionBank that is pegged to the Philippine peso. And backed by UnionBank reserves, is now available for purchase online. Tether, often known as USDT, is a cryptocurrency that is tied to the US dollar.
Account holders of UnionBank can acquire the stablecoin with debits from their accounts.
Crypto Custody Services vs. Wallets
For the purposes of this article, custody services are choices for storing digital currency. In a safe and secure environment. While hot and cold wallets. Both handle security concerns, wallets are third-party service providers. Who provide digital token storage and security.Despite the fact that both hot and cold wallets solve security concerns
However, it is true that cryptocurrency custody services largely aimed. For institutional investors and individuals who possess substantial amounts of Bitcoin. Ethereum, and/or other digital assets, as opposed to individuals who own little amounts. Wallets, on the other hand, are meant to used by cryptocurrency buyers, sellers. Also, traders, and investors of all types and backgrounds. As well as those who are new to cryptocurrencies.
Businesses can use Metaco services to manage not only bitcoin custody and trading. But also smart contract administration and decentralized finance as a result of this development (DeFi). Financial institutions in Russia. As well as the Swiss banks BBVA and GazpromBank. They are among the clients of Metaco’s cryptocurrency custody service.
Customers can take advantage of the company’s existing stack and operational skills. In order to administer Metaco vaults directly from their existing infrastructure. It is according to the company. We are also working on a number of other comparable deals. That will benefit from our combined knowledge,” said Seamus Donoghue. Metaco’s vice president of business development, in an interview with CoinDesk. “We are very excited about this opportunity.”
