Uala, an Argentine neobank backed George Soros’s cryptocurrency trading platform, launched services to trade bitcoins in Argentina. Customers of the company with the highest loyalty levels are now able to trade, purchase, and sell bitcoin and ether through Uala’s platform. This service will soon be available to all customers.
Uala gets into Crypto
The Argentine neobank Uala revealed that it offers cryptocurrency trading through its mobile app on November 4. This unicorn company has made investments in Steve Cohen and George Soros. It will eventually offer this service to its clients in Argentina. According to Pierpaolo Barbieri the CEO.
Concerning the importance of moveBarbieri said:
Argentina is an excellent market for this kind of investment because it’s one of the regions where adoption growth is fastest.
Barbieri explained that the cryptocurrency trading option is already available to customers at the highest levels of the company’s loyalty program. It is hoped that the cryptocurrency trading option will be available in the near future to all Uala’s 4.5million customers in Argentina.
Uanex was created by the company as an outgrowth to allow cryptocurrency trading to be made available. This option will be accessible through the investment menu of the app at any time. First, bitcoin and ether will be accessible in the investment application. There may also be other cryptocurrencies.
The platform will not offer stablecoins. Barbieri explained this decision:
Transparency and clarity are important to us. Bitcoin and Ethereum should be what they are. Stablecoins may have regulations in the future.
Users will be able to invest from $1.50 in crypto, and Bitso will be responsible for offering custody of the funds in Uala’s wallet service. Barbieri spoke out about the costs that the company would charge. They will depend on whether there is liquidity available. However, she said that the charges will be very low.
Banco Galicia is a traditional private bank and tried to launch services similar to those offered by Banco Galicia in May. But the Central Bank of Argentina issued swiftly a resolution prohibiting any private banks from providing services for digital assets management.
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