UnionBank Launching Cryptocurrency (Stablecoin) PHX
UnionBank of the Philippines launched the stablecoin called PHX to facilitate a blockchain-based cross-border remittance transaction.
UnionBank of the Philippines launched the stablecoin called PHX to facilitate a blockchain-based cross-border remittance transaction.
The test was done on June 27 by remitting money from OCBC bank in Singapore to Cantillan Bank in Surigao.
Operational by the end of 2019, this is an end-to-end platform that will cover various services, including multi-channel loan applications, loan disbursement, credit assessment, etc.
Blockchain platform Klaytn has announced the members comprising the Klaytn Governance Council, responsible for the platform’s governance, consensus node operation, and ecosystem growth.
(Update) The Bangko Sentral ng Pilipinas (BSP) approved UnionBank as the first commercial bank that will issue bank-backed Peso blockchain-based token.
We spent a few minutes of our time buying bitcoins on UnionBank’s bitcoin ATM while we spent some hours checking the history of crypto ATM in the Philippines.
UnionBank said this cryptocurrency ATM offering is in line will all applicable regulations, particularly the ones set by the Philippine Central Bank.
Being on the same blockchain network, everyone involved in a transaction can see and act on the same ledger.
UnionBank reveals it has spent Php 6 billion on technology for the past 3 years, conceding that the bank has to “digitize or perish.”
For UnionBank, the blockchain effectively cuts the middleman and connects the rural bank to the entire banking system more efficiently.