The largest private bank in Argentina by market value, Banco Galicia, has added a new feature on its platform that lets customers buy and sell cryptocurrencies. The company confirmed this on their Twitter page yesterday.
The bank added this feature to the investment section of its mobile application for users to acquire Bitcoin and a few selected digital currencies. As of now, Bitcoin, Ether, USDC, and XRP are available for trade.
This new nature of business for the bank is run in partnership with a cryptocurrency infrastructure company, Lirium. This is a Liechtenstein-based crypto product for digital wallets and mobile banking apps and should be integrated with the bank seamlessly.
Argentina has become one of the countries that has grown to be receptive to cryptocurrencies. In August last year, the president of the state, Alberto Fernandez was questioned whether he would consider following in the footsteps of El Salvador and making Bitcoin a legal tender. “I don’t want to go too far out on a limb […] but there is no reason to say no.”
At the time of this remark, Argentina was the seventh country in the world inflation index. Just a few weeks ago, the country suffered from hyper-inflation that hit a 20-year high. A Bitcoin payment infrastructure company, Strike, also launched in the country earlier this year.
Banco Galicia is part of the Grupo Financiero Galicia that is listed on the Nasdaq uder the ticker GGAL. The added cryptocurrency feature is an effort to measure up to former financial incumbents and service providers like Paypal and NYDIG. The success of the crypto trading feature will most definitely cause a similar effect to the Grupo Financiero.
The service is up and available and we are all welcome to try out the new investment option.
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