Argentina’s Biggest Private Bank Will Start Trading Bitcoin and Ethereum

Banco Galicia, Argentina’s largest private bank, is now offering four major cryptocurrencies to its customers: Bitcoin, Ethereum, USD Coin, and XRP.

Customers tweeted screenshots of the buying choices on Twitter earlier today, and the Argentina bank Banco Galicia subsequently confirmed that the services had been enabled in an emailed statement.

The bank said:

“Banco Galicia launches a new and innovative service for its customers customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and one-stop place,” 

Clients were also notified via Twitter, with Banco Galicia confirming the new service: “Yes, we are adding new investment options.”

Bitcoin is the most well-known and largest cryptocurrency by market capitalization. The second-largest cryptocurrency is Ethereum. USD Coin is a stablecoin, which implies it is less volatile than Bitcoin and Ethereum, whose prices can swing dramatically. The asset is backed by real USD.

XRP is a cryptocurrency that is designed to assist banks move money around rapidly. It is the sixth largest digital asset by market capitalization.

Banco Galicia also stated that other cryptocurrency choices may be added in the future.

One of the reasons crypto is popular in Argentina is that the country has one of the world’s highest inflation rates—year-on-year, it’s currently above 50%, according to the country’s central bank.

Bitcoiners have long argued that the asset serves as an inflation hedge because the digital currencies’ supply is limited to 21 million, but some analysts argue that the cryptocurrency is more closely linked to equities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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