Philippine's UnionBank announces launch of its own cryptocurrency

Posted 29 July, 2019

UnionBank, the largest bank in the Philippines, has launched its own stable coin. The value of the coin is pegged to the Philippine peso. The bank has already conducted successful transactions using the new coin for internal transfers, purchase and redemption.

UnionBank Bank was the first financial institution in the country to conduct blockchain transactions. The coin runs on an i2i platform connecting UnionBank with the provincial banks. However, successful transactions were conducted, which included the purchase, redemption and internal transfers of PHX. It is unknown so far what technology was used to form basis for the PHX.

According to Arvi de Vera, Senior Vice President and Head of UnionBank's FINTECH, PHX is a medium of exchange and value storage.

“PHX is a repository of value and a medium of exchange. It provides transparent and automatic payment execution,”  he said.

At the moment, the token is available only for i2i system clients. In the future, the company’s management plans to expand the geography of using altcoin outside the Philippines.

In late June, the head of Goldman Sachs, David Solomon, hinted at possible release of bank's own cryptocurrency. Now the financial institution is conducting large-scale research in the field of asset tokenization.

Another major American bank, JPMorgan, is getting ready to start tests of its stable coin JPM Coin with the participation of corporate clients. Notably, an interest in the altcoin has already been seen in Europe, Japan and the USA.

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