Union Bank of Philippines (UnionBank), a long-standing partner of Hex Trust, is expanding their digital asset exposure by tapping into the metaverse. As a continuation of their “Tech-up Pilipinas” advocacy, UnionBank has announced their entrance to The Sandbox, with the help of Hex Trust’s digital asset custody services. The process is in full compliance with the Bangko Sentral ng Pilipinas (BSP).
The entrance to the metaverse places UnionBank at the forefront of the banking industry, demonstrating its commitment to empowering the on-going Web3 movement. UnionBank states their aim is to support the growth of the Filipino Web3 community and artists through activities in the metaverse. The move indicates banks and other prominent financial institutions are recognizing the maturing digital asset market, and the growing interest in the decentralized economy from institutional investors and customers.
“The metaverse can create many opportunities for Filipinos to connect with the global community. However, these are also very valuable assets which need institutional-grade security and custody, for which we have partnered with Hex Trust acting as an independent licensed digital asset custodian. Aside from giving our customers new and engaging experiences, we want to make sure that their interaction with the metaverse and NFTs are safe with us. This is another way of ‘Tech-ing’ up Pilipinas,” – Henry Aguda, UnionBank of the Philippines Senior Executive Vice President, Chief Technology & Operations Officer, Chief Transformation Officer
“As more banks and financial institutions such as UnionBank start entering the metaverse, the digital asset market will continue its growth and provide an increasing variety of use cases. However, entering such a nascent market comes with its fair share of challenges, ranging from regulatory uncertainty to security concerns. Hex Trust has long been a trusted infrastructure provider for banks and other financial institutions to safely and seamlessly integrate digital assets into their operations.” - Calvin Shen, Managing Director, Hex Trust
Since March 2021, Hex Trust has been the first licensed digital asset custodian to support NFTs, including those that provide access to metaversal platforms such as The Sandbox. Despite the broader digital asset economy’s recent downturn, the metaverse and GameFi sectors have been leading the growth of Web3, attracting users and investors alike.