UnionBank Launches its own Cryptocurrency

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The Philippines' largest bank network releases its own Cryptocurrency coin the PHX.

PHX is a stable coin pegged into Philippine Peso while the coin's platform operates in an i2i platform that connects UnionBank to other rural banks in the Philippines.

UnionBank senior vice president and head of the fintech business group Arvie de Vera describe PHX
as "Stable store of value, medium of exchange and programmable token with self execution logic that enables transparent and automatic execution of payments."

de Vera also added that banks who joined the platform successfully performed transaction including purchase, buy-back, and internal transfer.

UnionBank launched the pilot blockchain for retail purchase last year partnered with Ethereum-backed startup ConsenSys

The technology behind stable coin PHX is not yet disclosed and UnionBank plans to expand its Coin outside Philippines.

Will PHX popularity match with Paxos (PAX) coin? While the PAX coin is pegged in US Dollars, PHX will not be equal to its value as they are both stable coins, however, it may surpass the popularity of PAXOS Coin.

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