Union Bank of the Philippines has partnered with Metaco and IBM for its digital assets custody operations. The partnership will enable UnionBank to leverage Metaco’s digital asset orchestration system, METACO Harmonize, and IBM Cloud to offer its customers secure digital asset custodial services, according to reports on January 20, 2022.
Union Bank Unveils Crypto Custody Service
Union Bank of the Philippines, one of the oldest universal banks in the Philippines, has now joined the growing list of traditional financial institutions offering digital assets custody services to their clients.
Per sources close to the matter, the 54-year-old bank with more than $15 billion in assets under management, has joined forces with IBM and Metaco, a Switzerland-based orchestration platform dedicated to enabling businesses to secure, trade, issue, and manage digital assets.
The new alliance will make it possible for the bank to take advantage of IBM Cloud and digital asset infrastructure which are fully integrated with the METACO Harmonize digital asset orchestration system, to offer its clients robust and highly secure cryptoassets custodial services.
Commenting on the partnership, Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer said:
“We have the passion for meaningful and sustainable reinvention, we value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a common vision. And for UnionBank, that common vision is customer-centricity driven by emerging technologies and innovation.”
Watertight Crypto Storage
As the blockchain ecosystem continues to mature, bad actors also continue to get sophisticated in their dirty acts. In the past, there have been cases of security breaches and insider attacks on digital asset platforms.
However, the combination of IBM’s Cloud Hyper Protect system, which offers additional FIPS 140-2 Level 4 certified physical controls for managing and migrating private keys and more, with the METACO Harmonize infrastructure which supports a range of end-to-end digital assets uses cases, including DeFi, is expected to enable the bank to give its users the best crypto custody service.
Union Bank Philippines has been making inroads into the blockchain ecosystem for quite some time now. In 2019, UnionBank Philippines rolled out its two-way Virtual Currency ATM, enabling users to quickly buy bitcoin () or convert their crypto to cash.
As by BTCManager in June 2020, UnionBank joined forces with Ripple to offer remittance services to the unbanked.