Top Bank in the Philippines and one of the largest institutions in the country, the Union Bank announced the launch of its own crypto today in order to connect rural banks with blockchain platforms. As the reports that reached our altcoin news today show us, the new stablecoin will be named PHX since it will be pegged to the Philippine Peso.
PHX will be pegged on the Philippine Peso (PHP) which is already implemented on the Bank’s i2i blockchain platform. The local news media outlet reported what the UnionBank Senior Vice President and Head of Fintech Business Group Arvie de Vera stated:
‘’PHX is a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payment.’’
The financial institutions in the country including the Summit Rural Bank in Luzon, the Progressive Bank in Visays and the Cantilan Bank all successfully completed live transactions on UnionBank’s blockchain platform. The rural banks have already used the ban’s crypto to conduct, transfer and buy in order to participate in a transaction as well as domestic remittances.
According to the reports, the participants of the i2i blockchain platform can buy the PHX by making direct debits from the accounts so the entire process of both converting the stabelcoin and taking back your funds in fiat will be very convenient for the i2i users. In 2018, the project i2i was piloted by five rural banks in the Philippines and even by the Top bank in the Philippines-the UnionBank. Connecting the citizens of the country with banks is crucial for this small nation since more than 60 percent of the people have no access to banks or savings accounts.
It looks like the UnionBank is aiming to connect the rural communities and the unbanked people with the financial system. The bank is also not afraid to use innovative technology in order to reach its goals. The bank also issued a press release where they announced a successful pilot of a blockchain-baed remittance suing the PHX crypto from Singapore to the Philippines.
As noted in the latest cryptocurrency news, the pilot was conducted with the help of the Singapore’s OCBC Bank and the liquidity management and international payments platform with UnionBank’s i2i blockchain platform.
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