Join our Telegram channel to stay up to date with the latest news coverage. Cryptocurrency adoption has accelerated in the past few months, with more and more countries becoming cryptocurrency friendly. The number of cryptocurrencies being introduced in different countries for various purposes is increasing every day.
The latest news comes from the Philippines, where UnionBank of the Philippines has launched its own cryptocurrency. The currency, called PHX, was developed to connect rural banks through the bank's blockchain platform. The cryptocurrency is pegged to the Philippine Peso (PHP) and has been launched on UnionBank's i2i blockchain platform.
Providing PHX tokens to Filipinos will encourage more people to buy cryptocurrencies online in the country. Arvie de Vera, senior vice president and head of the fintech business group at UnionBank of the Philippines, said PHX is a stable store of value, medium of exchange, and a programmable token with self-executing logic. He added that the token can enable transparent and automatic execution of payments.
Practical testing of PHX tokens has been successfully conducted at three rural banks. The testing included purchase, transfer, purchase, redemption transactions as well as domestic remittances through the banks’ blockchain platform. The multiple ways in which PHX tokens can be used could potentially boost online cryptocurrency transactions as more people in rural areas would find it advantageous to use cryptocurrencies.
Those using UnionBank of the Philippines’ i2i blockchain platform can purchase PHX tokens directly from their bank accounts via direct debit. Fiat currencies can be easily converted to cryptocurrencies, and the same convenience can be experienced when converting PHX to PHP. Withdrawals of held cryptocurrencies are easily enabled through the i2i platform.
According to de Vera, the new platform developed by the bank makes compliance and auditing simpler. He also said that the platform ensures that previous issues around governance and coordination are no longer challenges. PHX can be used in different wallets, which means that the cryptocurrency can be adopted globally.
What is i2i?
The abbreviation i2i has many different meanings, and it refers to a clearing system used by the UnionBank of the Philippines to connect rural banks through a blockchain platform. Depending on the context, i2i can mean island to island, person to person, or institution to institution. Five rural banks in the Philippines have successfully piloted the i2i project.
UnionBank of the Philippines makes progress in blockchain space
UnionBank of the Philippines recently successfully conducted a blockchain-based pilot remittance, becoming the first financial institution in the Philippines to successfully conduct such a pilot. The remittance was completed from Singapore to the Philippines through a partnership with OCBC Bank.
The fintech subsidiary of the UnionBank of the Philippines recently partnered with OneConnect, a subsidiary of Ping An Financial Technology. The bank's subsidiary UBX provides financial services to small and medium-sized enterprises through its partnership with OneConnect, leveraging blockchain technology. This reflects the UnionBank of the Philippines' stance on blockchain technology and cryptocurrencies. Join our Telegram channel to stay up to date with the latest news coverage
