Best Bank For Cryptocurrency Philippines
Best Bank For Cryptocurrency Philippines 2023: Cryptocurrency has become an increasingly popular way for Filipinos to invest and transact online. As such, many banks in the Philippines are beginning to offer cryptocurrency-related services to their customers. In this article, we will explore some of the best banks for cryptocurrency in the Philippines.
UnionBank
UnionBank is one of the most innovative banks in the Philippines when it comes to cryptocurrency. In 2019, the bank launched its own cryptocurrency called the PHX, which is pegged to the Philippine peso. UnionBank also offers a blockchain platform called i2i, which allows banks to connect with each other and facilitate cross-border transactions.
In addition to these offerings, UnionBank also allows its customers to buy and sell cryptocurrencies through its mobile app. Currently, UnionBank supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). The bank also has plans to add more cryptocurrencies in the future.
Security Bank
Security Bank is another bank in the Philippines that offers cryptocurrency-related services to its customers. The bank has partnered with SCI Ventures, a blockchain solutions provider, to launch a platform called Rebit. Through Rebit, Security Bank customers can buy and sell Bitcoin and other cryptocurrencies.
One advantage of using Rebit is that it offers competitive exchange rates. The platform charges a 1% fee for every transaction, which is lower than some of the other cryptocurrency exchanges in the Philippines.
RCBC
RCBC (Rizal Commercial Banking Corporation) is a Philippine-based bank that has recently launched its own cryptocurrency exchange called RCBC Crypto X. The exchange allows RCBC customers to buy and sell Bitcoin, Ethereum, and other cryptocurrencies.
One advantage of using RCBC Crypto X is that it offers a secure and regulated platform for cryptocurrency trading. The exchange is licensed by the Bangko Sentral ng Pilipinas (BSP) and is compliant with Philippine laws and regulations.
CIMB Bank
CIMB Bank is a digital bank that operates in the Philippines and other countries in Southeast Asia. The bank has recently partnered with a cryptocurrency exchange called PDAX (Philippine Digital Asset Exchange) to offer cryptocurrency trading services to its customers.
Through the partnership with PDAX, CIMB Bank customers can buy and sell Bitcoin, Ethereum, Ripple, and other cryptocurrencies. The bank also offers competitive exchange rates and low transaction fees.
Coins.ph
While not technically a bank, Coins.ph is a popular e-wallet in the Philippines that allows users to buy and sell cryptocurrencies. The platform supports Bitcoin, Ethereum, Bitcoin Cash, and Ripple, among others.
One advantage of using Coins.ph is that it is a fast and convenient way to buy and sell cryptocurrencies. Users can fund their Coins.ph account using a bank transfer, a credit card, or a convenience store payment. The platform also offers competitive exchange rates and low transaction fees.
Best crypto exchange in the Philippines
As an AI language model, I don’t have personal opinions, but I can provide some information on the best crypto exchanges in the Philippines.
- Binance: Binance is a popular international exchange that operates in the Philippines. It offers a wide range of trading pairs and low fees.
- Coins.ph: Coins.ph is a Philippine-based exchange that allows users to buy and sell Bitcoin, Ethereum, Bitcoin Cash, and Ripple. It also offers bill payments and remittance services.
- PDAX: PDAX is a local exchange that offers trading in Bitcoin, Ethereum, and Ripple. It also offers over-the-counter (OTC) trading and allows users to deposit and withdraw in Philippine pesos.
- BitBit: BitBit is a mobile app-based exchange that allows users to buy and sell Bitcoin and other cryptocurrencies. It also offers bill payment and remittance services.
- Abra: Abra is a global exchange that operates in the Philippines. It allows users to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. It also offers a mobile wallet and fiat-to-crypto trading.
It is essential to do your research before choosing an exchange to ensure that it meets your needs and provides a secure and reliable platform for trading.
List of legal cryptocurrency in Philippines
The Philippine government has recognized several cryptocurrencies as legal tender or as a form of security. Here are some of the legal cryptocurrencies in the Philippines:
- Bitcoin (BTC) – Bitcoin is the first and most popular cryptocurrency in the world, and it is recognized as legal tender in the Philippines.
- Ethereum (ETH) – Ethereum is a decentralized blockchain platform that allows developers to build smart contracts and decentralized applications. It is also recognized as legal tender in the Philippines.
- Ripple (XRP) – Ripple is a real-time gross settlement system, currency exchange, and remittance network. It is also recognized as legal tender in the Philippines.
- Bitcoin Cash (BCH) – Bitcoin Cash is a cryptocurrency that was created as a result of a hard fork in the Bitcoin blockchain. It is also recognized as legal tender in the Philippines.
- Litecoin (LTC) – Litecoin is a cryptocurrency that was created as a lighter and faster alternative to Bitcoin. It is also recognized as legal tender in the Philippines.
- Tether (USDT) – Tether is a stablecoin that is pegged to the US dollar. It is recognized as a form of security in the Philippines.
It’s worth noting that the Philippine government has yet to issue comprehensive regulations on cryptocurrencies, so this list is subject to change in the future.
READ MORE: 10 Best Crypto Exchange in The Philippines 2023
Conclusion
In conclusion, there are several banks in the Philippines that offer cryptocurrency-related services to their customers. UnionBank, Security Bank, RCBC, CIMB Bank, and Coins.ph are some of the best options for those looking to buy and sell cryptocurrencies. As the popularity of cryptocurrency continues to grow in the Philippines, we can expect more banks to enter the market and offer their own cryptocurrency-related services.