Philippines: UnionBank Mines Bitcoin In Convention ‘Experiment’

Philippines: UnionBank Mines Bitcoin In Conference ‘Experiment’

The seventh-largest financial institution within the Philippines by property ran Bitcoin miners at a convention this week, signaling bullish sentiment from the native finance business.

Philippines Financial institution ‘Exploring How Bitcoin Works’ By means of Mining

Pictures uploaded to social media from the BusinessWorld Financial Discussion board 2018 by Satoshi Citadel Industries cofounder Miguel Cuneta present UnionBank CEO Edwin Bautista operating 4 GPU miners on the financial institution’s sales space.

In keeping with Cuneta, who was additionally current on the convention, UnionBank arrange a “small mining rig to experiment and discover the way it works.”

“They wish to be taught extra and finest means is (by way of) expertise,” he wrote in feedback.

Bautista himself delivered a presentation on Bitcoin and Blockchain, throughout which he informed viewers members concerning the mining-focused “Bitcoin experiments” by the financial institution.

First Blockchain, Now Crypto For UnionBank

Mining Bitcoin marks the most recent transfer in UnionBank’s digital “pivot” it initially introduced earlier this yr.

Initially focusing on Blockchain, Bautista oversaw the event of the Philippines’ first Blockchain-based fee system for companies referred to as Visa B2B Join from January onwards.

On the time, the CEO appeared significantly extra optimistic about Blockchain than  cryptocurrency itself, suggesting the latter’s popularity negatively influenced perceptions concerning the know-how.

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