Four different cryptocurrencies are now made available in Argentina’s largest private bank, Buenos Aires-based Banco Galicia’s customers —Bitcoin, Ethereum, USD Coin, and XRP.
“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,” the bank said.
Banco Galicia’s Twitter account also responded to clients, confirming the new service: “Yes, we are adding new investment options.”
Banco Galicia is currently co-operating with Lirium, a Liechtenstein-based crypto product for digital wallets and mobile banking apps, CoinDesk confirmed.
Users of Banco Galicia will be able to buy and sell crypto. However, they wont be allowed to withdraw or send crypto, Lirium COO Martin Kopacz told CoinDesk. Kopacz also added that the bank also offers a custody feature and aims to roll out the service to all of its customers by mid-May.
Lirium worked with OSL to offer the crypto trading and custody service, a Hong Kong-based digital asset trading platform that began operating in Latin America last October.
Bitcoin is by far the most popular and largest cryptocurrency by market cap. Ethereum is the second largest. USD Coin is a stablecoin, which means it’s less volatile in comparison to both Bitcoin and Ethereum, which sometimes swing wildly in price. It’s backed by real U.S. dollars.
By market capitalisation, the sixth largest digital asset XRP, is a cryptocurrency used by banks to move money around quickly.
Decrypt has been told that Banco Galicia may add more cryptocurrency options in the future.
Argentina is popular among crypto fans because the country has one of the highest inflation rates in the world, currently it’s over 50%, as the nation’s central bank shared.