Banco Galicia in Argentina is one the biggest financial institutions. It now offers cryptocurrency trading. Investors interested in crypto can now purchase up to four cryptocurrency assets from their home banking app. This makes it the most prominent bank in Argentina to provide this option.
Banco Galicia Pioneers Crypto Trading for Banks In Argentina
Banco Galicia in Argentina is one the largest banks. They have decided to add cryptocurrencies into their investment service. The bank’s customers will now be able invest in crypto assets straight from their app. They won’t need to go to any other exchanges. Banco Galicia is the first to provide these services in Argentina.
Customers of the bank posted the information to social media and were stunned by this quiet addition of this service. The partnership is with Lirium. This third party will serve as an exchange that executes the customer’s orders and as a custodian for any cryptocurrencies.
These new services were created in response to customer demand, given the popularity of cryptocurrency instruments. On this, Ariel H. Sanchez, manager of investment products, and Nicolás de Giovanni, senior product manager of Banco Galicia explained:
Over 90% of respondents say they are familiar with cryptocurrency. Many of these people see them as an investment option and a way to secure their financial future. Our clients were asked by us to conduct a survey and found that more than 60% wanted these assets in their portfolios. The youngest people are the most interested.
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In selecting the cryptocurrencies that would be accessible through its online banking app, the institution chose conservatively. At launch, only four assets were available: BTC, ETH and USDC. The institution informed that in this first phase, the bank will limit its offer to cryptocurrencies “linked to projects with practical uses such as blockchains, smart contracts, registries/ledgers, among others.”
Banco Galicia recommends crypto investments only to customers that have high risk or moderate investment profiles due to the volatility inherent in the investment tools.
What do you think about Banco Galicia’s decision to introduce cryptocurrency investment options to its home banking app? Leave a comment below.
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