Banco Galicia Becomes First Bank to Introduce Crypto Trading in Argentina
Banco Galicia, one of Argentina’s largest financial institutions, has added cryptocurrency trading to its list of services available to consumers. Users interested in investing in cryptocurrencies can now buy four different crypto assets directly via the financial institution’s home banking app, making it the first bank in Argentina to do so.
In Argentina, Banco Galicia is a pioneer in crypto trading for banks.
Banco Galicia, one of Argentina’s largest private banks, has opted to expand its investing offerings by adding cryptocurrencies to its portfolio. Customers of the bank will now be able to invest in crypto assets straight from the banking app, bypassing the need for third-party exchanges. Banco Galicia is the first bank in Argentina to offer these services, according to reports.
The revelation was shared on social media by a number of bank clients who were taken aback by the service’s silent inclusion.
This capability is provided through a cooperation with Lirium, a third-party exchange that will execute customer orders and serve as a custody provider for the cryptocurrencies involved.
Customer demand has prompted the addition of these new financial options, which coincides with the surge in popularity of crypto instruments. Ariel H. Sanchez, Banco Galicia’s manager of investment products, and Nicolás de Giovanni, Banco Galicia senior product manager, explained: “More than 90% of people say they are familiar with cryptocurrencies, and many of them regard them as a viable investment and financial future. According to a survey of our clients, more than 60% desire to include these assets in their investment portfolio, with the younger generation having the highest demand.”
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The bank was cautious in selecting the cryptocurrencies that will be available for purchase and sale through its home banking app. At the time of introduction, only four assets were available: BTC, ETH, USDC, and XRP. In the first phase, the bank would only sell cryptocurrencies “connected to initiatives with practical uses such as blockchains, smart contracts, registries/ledgers, and others,” according to the organization.
Due to the volatility of the new investment instruments, Banco Galicia only recommended crypto investments to customers with a high or moderate risk investment profile.