Argentina’s Biggest Private Bank to Start Trading Bitcoin and Ethereum
Customers of Buenos Aires-based Banco Galicia, the country’s biggest private bank, may now use Bitcoin, Ethereum, USD Coin, and XRP as a form of payment.
Tweets from users showing the new choices appeared earlier today, and Banco Galicia subsequently confirmed in an email stating that they had been implemented.
An announcement by Banco Galicia stated: “Banco Galicia debuts an exciting new cryptocurrency-related service for our clients that makes it easier than ever before to get started with digital currency.”
It was also confirmed on Twitter: “Yes, we are offering additional investment choices,” Banco Galicia’s Twitter account said.
Bitcoin is the most popular and biggest cryptocurrency in terms of market value. It’s the second-largest cryptocurrency. There are a number of stablecoins, such as USD Coin (USDC), which are less volatile than Bitcoin (BTC) and Ethereum (ETH). An actual amount of US cash backs the asset.
In order to enable banks to transfer money more swiftly, XRP, the sixth biggest digital asset by market capitalization, is a cryptocurrency.
Decrypt also learned that Banco Galicia plans to expand its bitcoin offerings in the future. There is a significant inflation rate in Argentina due to this, according to the country’s central bank; this is presently more than 50% year-on-year.
Since its inception, Bitcoin supporters have said it serves as an inflation hedge due to its limited quantity of 21 million coins. However, other analysts believe that cryptocurrency is more closely linked to stock markets.