Union Bank showcases its enthusiasm with cryptocurrency and blockchain by showing its mining rig during a business conference with CEO Mr. Edwin Bautista and Mr. Miguel Cuneta, COO and Co-Founder of Satoshi Citadel Industries.
Union Bank and Cryptocurrency and Blockchain
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Union Bank is the first universal bank in the country to embrace the blockchain. The bank is one of Visa’s first partner for B2B Connect, a cross-border payments system built on the blockchain. B2B Connect can cut transaction time from 3 – 5 days to at least within 24 hours.
Apart from the partnership with Visa, Union Bank also announced the digitalization of its operation. From having a fully digital bank branch – The Ark, that uses an iPad instead of the usual paper slips, as well as helping rural banks and the unbanked with the help of the blockchain.
- Read more: How UnionBank Embraces the Blockchain
During the Business World Economic Forum, Mr. Miguel Cuneta, the COO and Co-Founder of Satoshi Citadel Industries shared an image of him with the Union Bank’s CEO Mr. Edwin Bautista.
The image depicts the two together with the bank’s cryptocurrency mining rig. Although it is not stated what kind of cryptocurrency, Mr. Cuneta shared that the bank is exploring and experimenting how “mining” works.
If you want to check Mr. Miguel Cuneta’s original tweet, you can click HERE.
- Union Bank’s Blockchain Project i2i to Launch in Davao
- Union Bank on Helping Rural Banks Through the Blockchain
- Philippine Banks Are Interested With the Blockchain, but Not With Cryptocurrency
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