The Union Bank of the Philippines (UnionBank), one of the country’s largest by total assets, is leaning on Asia’s crypto custodian Hex Trust to pilot a digital asset custody service.
Hex Trust will begin by providing an internal service for the bank’s employees as a pilot run. The bank said it is looking to tap into a maturing digital asset space as institutional and customer interest grow.
The next stage will involve rolling out a fully commercialized custody service for the bank’s customers, according to a press reports released on Wednesday. The move will allow the bank to safeguard customers’ digital assets on their behalf within a regulated environment, the bank said.
The Union Bank of the Philippines (UnionBank), one of the country’s largest by total assets, is leaning on Asia’s crypto custodian Hex Trust to pilot a digital asset custody service.
Hex Trust will begin by providing an internal service for the bank’s employees as a pilot run. The bank said it is looking to tap into a maturing digital asset space as institutional and customer interest grow.
The next stage will involve rolling out a fully commercialized custody service for the bank’s customers. The move will allow the bank to safeguard customers’ digital assets on their behalf within a regulated environment, the bank said.
Last year, Hex Trust teamed with enterprise blockchain company R3 to offer banking clients another option for issuing security tokens using R3’s Corda software development kit. It also claimed to be working with one of Asia’s largest banks.
