Two Argentinian Banks Launch Crypto Trading Services Two banks in Argentina will allow their customers to buy cryptocurrencies through their websites. The pair are Banco Galicia — the nation’s largest private bank in terms of market value, and Brubank — a fully digital bank.
For the new service, the two entities have partnered up with Lirium, a crypto wallet. Clients will be able to access it on Monday. Customers whose salaries are directly transferred to Banco Galicia will be the first to benefit from the new feature.
Argentine banks embrace crypto trading
According to Bloomberg, Banco Galicia’s decision was fueled by high customer demand, especially from the younger generations. It was clear when 60% of respondents to one of its surveys stated that they would like to have access to crypto assets through the bank. Two officials from the bank — Ariel Sanchez, the manager of investment products, and Nicholas de Giovanni — confirmed this, adding: “The youth is the group that asks for this the most.” Chainalysis data was also used in the report. It claims that Argentina is one of the top countries for cryptocurrency adoption. The country is ranked at number 10 space globally. Research conducted by the marketing communications agency Wunderman Thompson further noted that Argentinians are motivated to acquire cryptocurrencies due to the rising inflation — 50% per annum. Respondents stated that cryptocurrencies are appealing to them to help reduce declining purchasing power.
There are also other banks in the mix
It’s safe to say that a substantial portion of some of the world’s leading banks — namely, those based in the United States — have changed their tune on the crypto industry and have begun adopting the asset class after years of bashing it. NYDIG, a digital asset management firm, and National Cash Register, a payments firm, formed a partnership to enable US banks offer crypto trading services via their mobile apps. First-Citizens Bank is one beneficiary of this initiative. Goldman Sachs is also expected to launch OTC Ether Options trading due to increased demand from its clients. The Wall Street giant has now released OTC BTC Options, filed to create a BTC ETF and reopened its cryptocurrency trading desk. Goldman and JPMorgan had been among the most vocal critics of crypto until one year ago. America’s oldest bank — BNY Mellon — is one of the leaders in terms of digital asset adoption, having partnered with Grayscale, participated in crypto-related funding rounds, and launching its own set of such services.