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


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%.

Indrani bose
CBW - External Analyst
INDIA