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Two banks in Argentina confirmed of adding crypto trading features on their platforms

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Indrani bose Follow

INDIA

May, 04 2022

May, 04 2022

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In Argentina, two banks introduced Digital assets trading features on its platform. Today one of the largest Argentinian private banks by market value, Buenos Aires-based Banco Galicia confirmed on social media that it has added an option to buy and sell cryptocurrencies on its website. The same is also confirmed by digital bank Burbank.

On Twitter earlier today, screenshots of the buying options were posted by bank customers. Later Banco Galicia confirmed that it had added those services. In its investment section, the bank added a feature for users to acquire cryptocurrencies, telling its customers that it is a new tool. It is made available to users in four different cryptocurrencies which are Bitcoin, Ethereum, the stable coin USD Coin (USDC), and Ripple (XRP).

On 2nd May Twitter users noticed Banco Galicia's new crypto feature which the official Twitter account of the bank has confirmed to one user. In response to a person saying the crypto trading feature was confirmed Banco Galicia said yes and added that it was adding new investment options. A few hours later the same thing was tweeted from Burbank confirming that it has also added crypto trading functionality to the investment part of its website.

"Banco Galicia launches a new and innovative service for its customers, offering the purchase, sale, and custody of cryptocurrencies in a simple, secure, and one-stop place," the bank said.

As per the report, Banco Galicia may add more cryptocurrency options in the future.

In partnership with Lirium which is a Liechtenstein-based crypto solution for digital wallets and mobile banking apps, Banco Galicia's service is operated. On Nasdaq and the Buenos Aires stock exchange under the ticker GGAL, Banco Galicia is listed which belongs to Grupo Financiero Galicia.

The largest digital asset by market cap is Bitcoin. The second biggest is Ethereum. USD Coin is a stablecoin that is less volatile than both Bitcoin and Ethereum which sometimes swing wildly in price. The asset is supported by real U.S. dollars. Ripple (XRP), is the sixth-largest cryptocurrency by market cap. This cryptocurrency is used to help banks move money around quickly. Cryptocurrency is popular is Argentina is because the country has one of the highest inflation rates in the world. Bitcoiners claim that Digital asset works as a hedge against inflation because the supply of digital coins is capped at 21 million. According to the nation’s central bank, it's currently over 50%.


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Indrani bose

CBW - External Analyst

INDIA

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