The Philippines has been known for its progressive stance towards cryptocurrencies and blockchain technology. In fact, the country has been dubbed as the “crypto hub of Asia” due to its favorable regulatory environment and growing crypto community. As a result, many banks and financial institutions in the Philippines have started to embrace cryptocurrencies and offer services related to them. BitPinas, a leading crypto news website in the Philippines, has recently listed six banks and financial institutions in the country that are crypto-friendly.
1. UnionBank of the Philippines
UnionBank of the Philippines is one of the largest banks in the country and has been at the forefront of blockchain adoption. The bank has launched several blockchain-based initiatives, including a blockchain-based payment system and a blockchain-based remittance platform. UnionBank has also partnered with several blockchain startups to explore the potential of blockchain technology in various industries.
2. Security Bank Corporation
Security Bank Corporation is another major bank in the Philippines that has shown interest in cryptocurrencies. The bank has partnered with a local cryptocurrency exchange to offer a crypto-to-fiat conversion service to its customers. Security Bank has also launched a digital banking platform that allows customers to buy and sell cryptocurrencies.
3. CIMB Bank Philippines
CIMB Bank Philippines is a relatively new player in the Philippine banking industry but has quickly established itself as a crypto-friendly bank. The bank has partnered with a local cryptocurrency exchange to offer a crypto-to-fiat conversion service to its customers. CIMB Bank Philippines has also launched a mobile banking app that allows customers to buy and sell cryptocurrencies.
4. RCBC
RCBC is one of the oldest banks in the Philippines and has been actively exploring the potential of blockchain technology. The bank has partnered with several blockchain startups to develop blockchain-based solutions for various industries. RCBC has also launched a digital banking platform that allows customers to buy and sell cryptocurrencies.
5. PDAX
PDAX is a local cryptocurrency exchange that has partnered with several banks in the Philippines to offer a crypto-to-fiat conversion service. The exchange has also launched a mobile app that allows customers to buy and sell cryptocurrencies. PDAX has been granted a license by the Philippine central bank, which makes it one of the few regulated cryptocurrency exchanges in the country.
6. Coins.ph
Coins.ph is a leading cryptocurrency wallet and exchange in the Philippines. The platform allows customers to buy and sell cryptocurrencies, as well as pay bills and buy mobile load using cryptocurrencies. Coins.ph has also partnered with several banks in the Philippines to offer a crypto-to-fiat conversion service.
In conclusion, the Philippines has become a hotbed for cryptocurrency adoption, and many banks and financial institutions in the country have started to embrace cryptocurrencies. The six banks and financial institutions listed by BitPinas are just some of the many players in the Philippine banking industry that are crypto-friendly. As the crypto industry continues to grow, we can expect more banks and financial institutions in the Philippines to join the bandwagon and offer services related to cryptocurrencies.
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- Source: Plato Data Intelligence.