In a bitpine web transmission, web3 Eliezer Rabadon DVCODE and Jopet Arias thought leaders of Tlyr Collective expressed positive comments on the deployment of cryptocurrency offers in the traditional Bank Unionbank (UB).
Both Rabadon and Arias commented that, as unionbank users, they immediately verified if they had the cryptography function when reading the news in bitpins. Although the characteristic is not yet available for them, they expressed their optimism about their future integration.
Useful for cryptographic companies
Rabadon even expressed their hopes that it will eventually be accessible to corporate accounts as well.
“I am really a UB user, so having this said that there will be a cryptographic characteristic, we are abangent. And that is, its corporate bank account is also UB, if there is this type of menu on the corporate side, perhaps in case, it can be converted before paying, cutting the Kinsenas Tsaka just to take it. It is here.” It is here. “
Eliezer Rabadon, Executive Director, 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 works of non -fungible token (NFT), emphasized that the integration of cryptography with traditional banks would greatly benefit their collectors, many of which still depend on conventional banking systems.
He pointed out that they often need to guide buyers through the long process of transfer of a bank to a cryptographic wallet. However, with the new integration, this process could become significantly faster and more convenient.
“There is a collector who wants to buy an NFT with paint, so imagine how difficult your process is. If this happens, it is a big problem, it is easier; because we really use the NFT as a certificate of authenticity of our paintings and works of art.”
Jopet de Arias, co -founder, Tlys Collectic
[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 tedious and frustrating system, which sometimes leads them not to take advantage of NFT works of art completely.
It is still not clear
While Rabadon expressed his enthusiasm for the deployment of cryptocurrency in a traditional bank, he mentioned that, since the launch has been discreet and were not part of the selected users, I wanted to know what blockchain Unionbank admits. He pointed out that if it is in Ethereum, gas rates could be quite high.
I also wanted to know if Unionbank will work as the licensed encryption platforms currently licensed in the country or if you will adopt a unique approach.
Anyway, Rabadon remained excited and expects the broadest launch of the function. He even offered to invite another web transmission to discuss the technical aspects of UnionBank cryptography offer.
UnionBank Cryptobank Purchase and Sale Function
Unionbank of the Philippines began in silence to implement a cryptography trade function within its mobile bank application, labeled as “Buy/Sell Crypto”.
The function is currently available for selected users, who must complete a customer suitability assessment to determine their financial objectives, investment experience and risk tolerance. If users do not meet the criteria of the platform, they are informed that encryption trade is not available for them, but can reassess after six months.
“Ub being crypto-positive is a victory for the Philippines. A head of the Universal Bank license even considering the integration of cryptography is a victory for pH.”
Christine Erispe, central member, Eth63, through a Facebook comment during the web broadcast
While there is currently a moratorium on the request of a virtual asset services provider (VASP) license with Bangko Sentral NG (BSP) pylips, it can be remembered that Unionbank received approval from the Central Bank in 2023.
This article is published in Bitpins: Web3 Alabank leaders of Unionbank Crypto Vulcolut, Eye Corporate Integration
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