The quest by the Cardano Foundation to ensure increased adoption has once again yielded fruits in a recent partnership with UBX Philippines. According to a release by the foundation, this new partnership will ensure greater on-chain decentralized finance (De-Fi) activity on Cardano blockchain.
UBX is a financial solution that strives to connect communities through the embedding of payment solutions that fit everyday demands. On October 20, the Philippines platform announced the launch of its own staking pool. This pool built on the Cardano network would enable users to earn ADA as they contribute to the security of the Cardano chain.
Our partnership with @UBXph is a great milestone reached for increasing on-chain #Defi activity on #Cardano and will open the door to other regulated institutions looking to utilize the Cardano #blockchain.
📺 Watch the full partnership announcement 👉 https://t.co/7jKTzcaVUx pic.twitter.com/uD87gT6fs6
— Cardano Foundation (@CardanoStiftung) October 19, 2021
UBX is a subsidiary of Union Bank of Philippines and recently entered the Singaporean market in its expansion drive. It has been operating out of Philippines since 2018. Now the company is looking to utilize blockchain infrastructure to enhance its services.
According to the Chief Executive Officer of the company, John Januszczak:
“We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines,”
The partnership came on board through the Foundation’s its Regulated Entities And Cardano Stake Pools. The recent partnership would be instrumental in mass adoption of the Cardano blockchain. UBX is among the top 10 fintechs in the Philippines and plans to directly integrate its services into the banking system of the Philippines.
The company’s CEO added that most of the people in the country are un-banked and the platform as a technology company is building digital platforms that would embed easily into the existing financial platforms in the country.
Philippines is made up of more than 7000 islands and the dispersal demography can be harnessed through the blockchain such as the Cardano on-boarding process through UBX.
Januszczak said that the company saw that the blockchain could address most of the problems and challenges of banking in the country because it is distributed and economically viable. Its Institute to Institute (I2I) is one of the initiatives of UBX. It is an effective way of onboarding community based financial institutions on blockchain. The company would participate in the Cardano Consensus Protocol in the course of using the infrastructure with real-use cases.