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Thursday, May 23, 2024

Argentina’s Largest Banks Allowing Customers to Buy Cryptocurrency

Banco Galicia survey found that 60% respondents wanted crypto

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Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to invest in bitcoin and other cryptocurrencies through a range of “new investment opportunities.”

Banco Galicia and Brubank, the country’s largest private bank by Market Cap, and Brubank, digital bank will allows its customers to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and the USD Coin (USDC) stablecoin, from Monday.

“Banco Galicia introduces a new and creative service for its customers, allowing them to purchase, sell, and store cryptocurrencies in a simple, secure, and one-stop shop,” the bank said.

Banks partnered with Lirium AG, a company offering plug & play crypto solutions for banking intuitions, in order to enable the new service. Banco Galicia have more than 4 million retail and corporate customers.

Bloomberg reported that a resounding 60% of respondents to a survey asked for early access to crypto, which forced the banks’ decisions to begin allowing crypto trading.

As per the data ‘ Trading Economics’ says Argentina’s inflation rate in April was 55%, and cryptocurrency could help Argentines stay ahead of the crushing inflation in the country, Bitcoin’s scarcity and decentralization make it the ideal inflation hedge.

There has been an exponential rise in the usage of cryptocurrency in Argentina. As per the Triple A, over 1.3 million people, 2.94% of Argentine’s total population currently own cryptocurrency had used or owned crypto by 2021.

Last month, Argentina’s capital Buenos Aires, Horacio Rodriguez Larreta, announced that the city would begin accepting crypto as payment for public financial services. The city also plans to launch a blockchain-based digital identification (DID) platform for the people.


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