In a BitPinas webcast, web3 thought leaders Eliezer Rabadon of DvCode and Jopet Arias of TLYR Collective expressed positive feedback on the rollout of cryptocurrency offerings at the traditional bank UnionBank (UB).
Both Rabadon and Arias commented that as UnionBank users themselves, they immediately checked if they had the crypto feature upon reading the news in BitPinas. Although the feature is not available to them yet, they expressed optimism about its future integration.
Helpful for Crypto Firms
Rabadon even expressed his hopes that it will eventually be accessible for corporate accounts as well.
“I’m a UB user talaga, so having this said na magkakaroon talagan (ng crypto feature), abangers na kami. And iyon nga, iyong corporate bank account din namin is UB, kung mayroon din ganitong klaseng menu sa side ng corporate, baka habang kung sakali, pwedeng i-convert muna bago ipasahod, pagpunto ng kinsenas tsaka na lang i-cash-out. Pero double-edged sword iyon kasi pag nag-dump naman, paktay ka diha.”
Eliezer Rabadon, Chief Executive Officer, DvCode
[Translation: “I’m really a UB user, so with this announcement, we’re definitely on the lookout. Our corporate bank account is also with UB, so if a feature like this becomes available on the corporate side, it might be possible to convert funds ahead of time before payroll and then just cash out by mid-month. But it’s a double-edged sword—if the market dumps, you’re in trouble.”]
Beneficial for NFT Painting Collectors
On the other hand, Arias, a contemporary artist known for creating non-fungible token (NFT)-based artworks, emphasized that integrating crypto with traditional banks would greatly benefit their collectors, many of whom still depend on conventional banking systems.
He noted that they often need to guide buyers through the lengthy process of transferring funds from a bank to a crypto wallet. With the new integration, however, this process could become significantly quicker and more convenient.
“May collector na gustong subukang bumili ng NFT na may kasamang painting, so imagine kung gaano kahirap iyong process. Kung mangyari man ‘to, malaking bagay sa’min, mas madali; kasi ginagamit din talaga namin yung NFT as certificate of authenticity ng mga paintings namin at mga artworks.”
Jopet Arias, Co-Founder, TLYR Collective
[Translation: “There was a non-crypto-native collector who wanted to buy an NFT art with a physical painting. Just imagine how hard the process that collector has to go through just to purchase that NFT art. If this becomes fully functional, it is a big favor to us, as the process will now be easier. It is because we use NFTs as certificates of authenticity of our paintings and artworks.”]
Arias also added that collectors often find the current system tedious and frustrating, which sometimes leads them to just not avail themselves of NFT artworks altogether.
Still Unclear
While Rabadon expressed excitement about the rollout of cryptocurrency at a traditional bank, he mentioned that since the launch has been discreet and they were not part of the selected users, he wanted to know which blockchain UnionBank supports. He pointed out that if it is on Ethereum, the gas fees could be quite high.
He also wanted to know if UnionBank will operate like the currently licensed crypto platforms in the country or if it will adopt a unique approach of its own.
Regardless, Rabadon remained excited and is looking forward to the wider launch of the feature. He even offered to guest for another webcast to discuss the technical aspects of UnionBank’s crypto offering.
UnionBank’s Crypto Buy and Sell Feature
UnionBank of the Philippines quietly began rolling out a crypto trading feature within its mobile banking app, labeled “Buy/Sell Crypto.”
The feature is currently available to select users, who must complete a Client Suitability Assessment to determine their financial goals, investment experience, and risk tolerance. If users do not meet the platform’s criteria, they are informed that crypto trading is not available to them but can reassess after six months.
“UB being crypto-positive is a win for the Philippines. A universal bank license holder even considering integrating crypto is a win for PH.”
Christine Erispe, Core Member, ETH63, through a Facebook comment during the webcast
While there is currently a moratorium on the application for a Virtual Asset Service Provider (VASP) license with the Bangko Sentral ng Pilipinas (BSP), it can be remembered that UnionBank received approval from the central bank in 2023.
This article is published on BitPinas: Web3 Leaders Praise Unionbank Crypto Rollout, Eye Corporate Integration
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