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Argentina has the country's first cryptocurrency-friendly bank.

04-May-2022 By: Simran Mishra
Argentina has the co

Banco Galicia is Argentina's inaugural 

banker to offer cryptocurrency transactions.

Banco Galicia, one of Argentina's major banking firms, has added cryptocurrency exchanges to the operations it presently provides to consumers. Users actually interested in cryptocurrencies may currently acquire 4 distinct virtual assets straight through the banking organisation's home digital wallet, putting it allegedly the first bank to provide this option to Argentinian consumers.

Banco Galicia, one of Argentina's leading private corporate firms, has opted to expand its investing services by including cryptos in its repertoire. Bank customers will now be positioned to finance digital assets straight through the banking app, without the need for third-party exchangers or intermediaries. According to reports, Banco Galicia is the very first financial institution in Argentina to perform cryptocurrency trades.

Numerous customers of banking systems who were astonished by the stealthy addition of this program shared the news through social media platforms. This capability is provided through cooperation with Lirium, a third party that will operate as the exchanges to implement customer orders and as a custodial facility for the cryptocurrency engaged.

The impetus for integrating these new investing options stems from client demand, which has increased in tandem with the development of cryptocurrency derivatives. Ariel H. Sanchez, supervisor of investment products, and Nicolás de Giovanni, senior product manager of Banco Galicia, both commented on this:

Over 90 per cent of the total individuals say they are familiar with cryptos, and most of them regard them as a viable financing and investment potential. We performed a study of our customers, and more than 60% desire to include these commodities into their investment portfolios, with the younger generation having the highest appetite.

The organisation was cautious in selecting the virtual currencies that would be available for order and sale throughout its mobile banking app. At the time of the debut, only 4 commodities were mentioned: BTC, ETH, USDC, and XRP. The bank stated that in this initial phase, it will only sell cryptos "connected to initiatives with useful purposes such as blockchains, cryptographic protocols, identity and personality, etc."

Nevertheless, owing to the unpredictability of the new trading instruments, Banco Galicia only suggested cryptocurrency trades for individuals with a relatively high speculative investment character.

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