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How to Buy Crypto with Development Bank of the Philippines

Last updated on November 12, 2023

Quick Summary: While Development Bank of the Philippines does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Philippines cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Development Bank of the Philippines Homepage

As mentioned in my quick summary, like most Philippines banks, Development Bank of the Philippines doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

Thankfully there are many crypto exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with DBP

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Development Bank of the Philippines.

Buy Crypto With eToro

About Development Bank of the Philippines

The Development Bank of the Philippines (DBP) is a government-owned development bank with its headquarters in Makati, Philippines.

The DBP’s story goes back as far as its beginnings in the Commonwealth Era. In 1935 it was established that the National Loan and Investment Board (NLIB) was established to oversee and coordinate different trust funds administered by the government, like the Postal Savings Fund and the Teacher’s Retirement Fund.

In 1939 in 1939, the NLIB was dissolved and its functions transferred to a new entity known as known as the Agricultural and Industrial Bank (AIB). AIB continued to operate until start in World War II.

After 1947, the federal government set up The Rehabilitation Finance Corporation (RFC) under R.A. No. 85, which took over the assets and assumed the duties that were previously performed by the AIB. The RFC offered credit facilities to the growth of commerce, agriculture and industry, as well as the rehabilitation of property damaged by conflict.

In 1958 in 1958, in 1958, the RFC was reorganized to become the present-day DBP. The change in the corporate name signaled the shift from rehabilitation to more extensive operations.