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One of the largest Philippine banks UnionBank uses blockchain to issue bonds for $ 18 million.
UnionBank has become the first financial institution in the country to use blockchain to issue securities. The Bank has launched a public offer of bonds in national currency. The bank told the Philippine Stock Exchange that the minimum bond issue amount would be 1 billion Philippine pesos ($18 million).
The first public offering began on May 24. The issue will take place on June 20, after registration on the Philippine Dealing Exchange (PDEx) – for trading in the fixed income market. The bonds will have a circulation period of one and a half years, and holders will be able to receive fixed coupons in the amount of 3.5% per annum.
The bank became the first user of the Philippine Depository and Trust Corporation (PDTC) digital registry and digital depository. The platform uses blockchain to conduct operations.
Now under the management of the bank are assets worth more than $ 15 billion Representatives of the bank have repeatedly stressed that customers are very enthusiastic about the introduction of digital currencies, but investors and Philippine regulators need more knowledge about the new industry.
At the beginning of the year, UnionBank announced that it plans to offer services for the trading and storage of cryptocurrencies against the background of the rapid development of the industry. The bank is confident that if the cryptocurrency market stabilizes, then in five years investors will increase the volume of digital assets in their portfolios to 3-5%.
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