Argentina’s Largest Private Bank Launches Crypto Trading Feature
Banco Galicia, the largest Argentinian private bank by market value, has added the option to buy and sell cryptocurrencies on its platform, the company confirmed Monday.
The move makes Banco Galicia the first traditional financial institution in the country to offer such services. The bank will allow its customers to trade Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) against the Argentine peso.
Banco Galicia joins a growing list of banks around the world that are either testing or have already launched cryptocurrency trading features for their clients. In April, U.S.-based investment bank Goldman Sachs announced that it would begin offering Bitcoin trading to its private wealth management clients.
And last month, U.K.-based online banking platform Revolut added five new cryptocurrencies — including BTC, ETH and LTC — to the list of assets its customers can trade.
The announcement from Banco Galicia comes as the Argentine government is seeking to boost the country’s adoption of blockchain technology and digital assets.
In March, the country’s central bank launched a pilot program testing the use of Ethereum’s blockchain to settle interbank payments. The project is part of a larger effort by the Argentinian government to embrace crypto and blockchain tech.
The bank added a feature in the investment section of its app for users to acquire bitcoin (BTC), ether (ETH), USDC and XRP, telling its customers that it is a new tool.
Banco Galicia is the latest financial institution in Argentina to enter the crypto space. In March, local news outlet Criptonoticias reported that state-owned Banco Masventas had also begun offering crypto trading services to its customers.
At the time, a spokesperson for the bank said that it was offering BTC and ETH trading to meet customer demand. It is not clear if Banco Galicia will offer custodial services for its customers’ digital assets, or if it will simply act as an intermediary between exchanges.
The bank’s announcement comes as the Argentine government is seeking to boost the country’s adoption of blockchain technology and digital assets. Banco Galicia’s service is operated in partnership with Lirium, a Liechtenstein-based crypto product for digital wallets and mobile banking apps.
Banco Galicia is one of the largest private banks in Argentina, and its move to offer crypto trading services signals a shift towards increased adoption of digital assets by traditional financial institutions. Experts believe that this trend could help drive mainstream adoption of cryptocurrencies in Argentina and other emerging markets. As more major financial players enter the space, it will be interesting to see how this affects overall market growth moving forward.
What do you think about Banco Galicia’s new crypto trading service? Share your thoughts in the comments section below!
I am a bitcoin and crypto currency writer. I also work as a professional trader, and I have experience with stock trading and bitcoin trading. In my work, I aim to provide clear and concise information that helps people understand these complex topics.
