UnionBank leverages Hex Trust to store crypto assets
Union Bank of the Philippines (UnionBank), one of the country's largest banks by total assets, is relying on Asian cryptocurrency company Hex Trust to pilot a digital asset storage service.
Hex Trust will start by providing internal services to bank employees as a pilot project. The bank said it aims to leverage the burgeoning digital asset space as organizations and customers grow in interest.
The next phase will roll out a fully commercial custody service for the bank's customers, the press release said. The move will allow the bank to protect customers' digital assets on their behalf in a regulated environment, the bank said.
The next phase will roll out a fully commercial custody service for the bank's customers, the press release said. The move will allow the bank to protect customers' digital assets on their behalf in a regulated environment, the bank said.
UnionBank leverages Hex Trust to store crypto assets
UnionBank, one of the island nation's top 10 banks by asset size, also said it is fully compliant with the Philippine Bangko Sentral ng Pilipinas (BSP) in its latest offering.
"We are pleased to be the first Philippine bank to pilot a custodial digital asset service for our employees under the supervision of the BSP so that we can prepare the basis for a safe and secure system for customers' digital assets," said Henry Aguda, chief technologist and chief operating officer of the bank.
Hong Kong-based Hex Trust provides "bank-grade" digital asset storage services and has developed its solutions targeting banks, financial institutions, asset managers, exchanges and corporations.
Last year, Hex Trust teamed up with enterprise blockchain company R3 to offer banking customers another option to issue security tokens using R3's Corda software development kit. It also claimed to be working with one of Asia's largest banks.
Hex Trust has offices in Hong Kong and Singapore, and the company said it is expanding into the European market by the end of this year.
Hex Trust has offices in Hong Kong and Singapore, and the company said it is expanding into the European market by the end of this year.
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