PH-first virtual asset over-the-counter service by UnionBank among highlights of discussion
The timely talk was held during an exhibition by Filipino abstract
artist Jose Antonio Reyes, also known as JAR. Prior to this, The Leon Gallery also showcased
the works of JAR last July 18 and the collection was sold out within its
opening day. This was a follow up of the artist’s previous NFT art collection,
JAR Heads, successfully launched on the Cardano Network with over 1 million in
ADA sales in the secondary market in the span of only six months.
RJ Dela Cruz and Migui Planas of UnionBank's Digital Asset Markets
Unit (DAMU) joined Reyes in the discussions. During the talk, JAR shared how
NFT art enabled him to have people around the world appreciate and gain access
to his art, and how this space can afford similar opportunities to other
traditional artists.
Meanwhile, NFT expert Planas gave a 101 on NFT art, including how
NFTs are made, and how beginners can competently traverse the NFT art space. DAMU
Head Dela Cruz, on the other hand, zeroed in on UnionBank’s activities and
developments in the blockchain, crypto, and NFT spaces. He discussed the Bank’s
journey into the emerging space, as well as his personal transition from
traditional finance into the world of digital assets.
One of the highlights of Dela Cruz' talk was UnionBank's Virtual
Asset Over-the-Counter (VA OTC) Service, another industry first, which was
designed to help people enter the emerging NFT art space much easier. UnionBank
is the first and only bank in the Philippines to offer this type of service,
further strengthening the Bank’s position as the country's leader in blockchain
innovation.
"Through its VA OTC service, UnionBank provides both artists
and collectors alike with trustworthy platform for buying and selling NFT
art," said Atty.
Tonico Manahan, a well-known art collector. "While there are many
ways for people to fund their wallets to buy NFT art or transact with crypto,
buying and selling with the help of a well-established bank ensures that every
crypto transaction is secure."
"It's a way for beginners to have peace of mind in entering the
perceived volatile space given that transacting with a regulated financial
institution such as a bank would be secure," Reyes added.
To know more about UnionBank's VA OTC service and other solutions
related to NFTs, please send an email to digitalassets@unionbankph.com.
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