Banks in Argentina Announce Trading Services for Crypto Investors

Two of the biggest banks in Argentina, Banco Galicia and Brubank, have started offering crypto trading services. These services are for traders willing to invest in the rapidly growing global cryptocurrency markets. Clients will be able to allocate funds in Bitcoin and other digital assets. Thus, it will bolster crypto trading across the Latin American nation.

Crypto Trading Services In Argentina

The major banks in Argentine rolled out their crypto trading services countrywide on the 2nd of May. Thereafter, the minimum amount for investment is a nominal 100 Argentine Pesos(US$ 0.50). There are, however, limitations in the selling and withdrawal services.

Crypto Trading Through BANCO GALICIA

The largest bank in the country, Banco Galicia offers multiple crypto investment options for clients. Moreover, they can choose among, ETF, CEDEAR Stock Bonds, Fixed Term, Primary Tenders, and FIMA Funds. Investors can opt between BTC, ETH, USDC, and XRP.

The bank offers these crypto investment options in collaboration with a crypto services provider from Liechtenstein. They offer digital wallets and applications for mobile banking. Traders seeking crypto trading services need to enter into a contractual agreement with the bank beforehand. This mandates selling the purchased crypto assets to the same bank.  

Also Read: Crypto Bot Trading: How Does it Help in Trading Crypto?

BRUBANK Crypto Services

A major online bank, Brubank disclosed that its crypto service offerings are currently in the Beta stage. As such, a limited number of its clients are able to access the crypto trading services. The services will soon be open to all its clients enabling the “Crypto” option in their banking application. Brubank is initially offering the option to choose and buy between 4 options. These are BTC, ETH, USDC, and DAI.

Areas for Future Improvements

Crypto adoption has been significant across the entire Latin American continent. Including nations like El Salvador going as far as declaring Bitcoin a legal tender. Thereafter, Brazil is also diving seriously into the sector, currently undertaking R&D for CBDC. Argentine banks offering crypto trading services is a step in the right direction. However, there are multiple areas that need improvement, such as:

a) A Central Regulatory Framework

Argentian need a regulatory framework for digital assets. The current regulations by Argentina’s central bank do not protect investors’ crypto assets.

b) Options for P2P Sharing

P2P or Peer-to-Peer sharing promotes rapid crypto adoption across all sectors of society. Thereby, enabling cryptocurrencies as an efficient payment option for goods and services.

c) Crypto Wallets

The cryptocurrencies of investors will be held in the custody of an external company.  Moreover, Banco Galicia will not have effective control over the assets.

Also Read: How Banks Play Foul When it comes to Crypto

Wrapping Up

Despite the drawbacks, the crypto trading services in Argentina will attract interest from investors. Moreover, with a global market capitalization of over $1.7 trillion, there are opportunities for institutional investors and enterprises to grow through digital assets. White-label crypto products like exchange software and payment processors offer even more potential.