- In a tweet earlier today, Banco Galicia (Nasdaq: GGAL), Argentina’s largest private bank, revealed that it will allow its customers to purchase and sell bitcoin and other cryptocurrencies as part of a series of “new investment choices.”
- At the present, you may buy Bitcoin (BTC), Ether (ETH), the stable coin USDC, and Ripple (XRP) from the bank.
- The service will be provided through Lirium, a firm formed by the CEO of Xapo. This system allows banks to outsource the acquisition, custody, and selling of cryptocurrencies to a third party, with the company providing the necessary security and liquidity.
Banco Galicia, Argentina’s largest private bank, has launched a mobile application that allows users to purchase, trade, send, and accept bitcoin. The bank announced that it had launched a function in its app’s investment area that allows users to buy bitcoin (BTC), ether (ETH), USDC, and XRP, adding that it is a new tool.
It’s the newest collaboration between financial institutions and service companies aiming to introduce crypto to the people, following PayPal’s acquisition of Paxos and NYDIG’s collaboration with US credit unions. Argentina is experiencing hyperinflation, with inflation recently reaching a 20-year high.
The deployment of these new investment vehicles will be coordinated by Banco Galicia and Lirium, a bitcoin infrastructure business. Banks and digital wallets can use Lirium to purchase, sell, send, and receive cryptocurrency. When a Twitter user (@pricatti) asked if the service was available, Banco Galicia responded that it was and that it was adding more investment possibilities.
Lirium collaborated with OSL, a Hong Kong-based digital asset trading platform that launched in Latin America in October of last year.
Lirium is also collaborating with four Argentinian financial institutions on the introduction of a crypto trading service, according to Kopacz, who did not provide a timeline. According to Kopacz, Lirium is also looking at similar connections in Brazil and Mexico.
Over the last two years, Argentina has become more welcoming to bitcoin usage. When asked in August 2021 if Argentina would follow El Salvador in making bitcoin legal tender, Alberto Fernandez, Argentina’s president, said, “I don’t want to go too far out on a limb […], but there is no reason to say no.”
Argentina was ranked sixth in the world inflation index at the time Fernandez made this remark.
Strike, a bitcoin payment infrastructure firm, debuted in Argentina earlier this year as well. Strike, a bitcoin payments infrastructure business began in the region prior to El Salvador’s approval. Strike launched in Argentina in January 2022, marking a significant step forward in the region’s use of bitcoin. Strike’s CEO, Jack Maller, announced the news on Twitter.
“Today, we use the world’s open monetary network, Bitcoin, to give hope to the people of Argentina,” Mallers stated. “Today, we launch a superior financial experience to a country that challenges hyperinflation, predatory payment networks, and useless cross-border transfers.”