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Argentina Fintech Uala Launched Cryptocurrency Trading Services

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Indrani bose Follow

INDIA

Nov, 18 2022

Nov, 18 2022

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Argentine Neobank Uala, situated in Buenos Aires, has begun launching cryptocurrency trading services for customers in Argentina. 


An Argentine Neobank Uala, situated in Buenos Aires, has begun launching cryptocurrency trading services for customers in Argentina. Some consumers have already been given access to the service. Users can use Uala's platform to buy and sell cryptocurrencies with pesos through its fintech's trading app. The service will gradually be made available to individuals who sign up for a waiting list. Soon the service is anticipated to be made available to all clients. 


Neobank Uala of Argentina made the announcement recently that its app already provides bitcoin trading services. It offers its app in Colombia and Mexico.  


With more than 5 million users in Argentina, Mexico, and Colombia, Uala established its own business, Uanex, to oversee the new goods. To access Uala's crypto trading feature, users must create an account with Uanex, which is part of Uala's ecosystem.  Customers will be able to access this choice through the app's investment menu starting on launch day, and it will always be there.  


Bitcoin and Ether will be the first cryptocurrencies to be made available in the investment app. More cryptocurrency will be added in future 


Users will be able to make cryptocurrency investments starting at $1.50, and Bitso will be in charge of providing custody of the funds in Uala's wallet service. The fees the company will charge will be quoted based on the liquidity of the funds available, but he claimed they would be modest. 


Traditional private bank Banco Galicia attempted to introduce comparable services in May. The Argentine Central Bank had also issued a resolution prohibiting private banks from providing services to manage digital assets. 


In August 2021, Tencent and SoftBank Latin America Ventures launched a $350 million Series D financing on behalf of the unicorn fintech company. With the investment, the startup's valuation reached $2.45 billion.  


Along with early investors Goldman Sachs Group Inc., Ribbit Capital, and Monashees, Uala is now supported by Chinese internet behemoth Tencent Holdings Ltd. and Japanese conglomerate SoftBank Group Corp.


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Indrani bose

CBW - External Analyst

INDIA

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