Argentina's largest and second-largest private banks Banco Galicia and Brubank have announced that they will allow customers to make purchases in cryptocurrencies. For Banco Galicia, the decision is driven by strong customer demand, with 60% of respondents in the survey asking for easy access to cryptocurrencies through their banks, Bloomberg reports.
“This motivated us to push this project,” said Ariel Sanchez, manager of investment products and Nicolas de Giovanni, senior product manager at Banco Galicia, in a statement. “The youth is the group that asks for this the most.” Previously, Argentines could only purchase crypto through wallets or directly from holders.
Affiliate at market research firm Americas Market Intelligence, Ignacio Carballo, tweeted confirmation on Tuesday with screenshots of Banco Galicia’s online interface that it had begun supporting Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP) purchases.
.#IMPORTANTE: El Banco Galicia incorpora función de comprar #criptomonedas!— Ignacio E. Carballo (@IECarballo) May 2, 2022
Se transforma así en el PRIMER BANCO DE ARGENTINA en ofrecer el servicio #critpo. Impresionante paso de la Banca Tradicional.
(P.S.: hay que decirlo: chupate esa mandarina!) pic.twitter.com/0Kpi3oMUIL
Argentina is among the world’s top 10 countries with the highest adoption of cryptocurrencies, according to the specialized website Chainalysis. Buffeted by recurring currency crises and inflation running above 50% annually, two-thirds of Argentines who invest in crypto say they do so to protect their savings from diminishing purchasing power, according to a study by Buenos Aires-based Wunderman Thompson. Data and survey firm Statista estimates that 21% of Argentines had used or owned crypto by 2021.
Customers of both banks will purchase cryptocurrencies through the same platform that they use to purchase bonds or stocks and through a partnership with Argentine-based crypto wallet Lirium. Initially, Banco Galicia will only provide this option to users who receive their salary by direct bank transfer.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.