One of the largest private banks in Argentina, Banco Galicia, released the purchase of bitcoin and various cryptocurrencies for its customers starting this Monday (2). Founded in 1905, this bank is part of Grupo Galicia, headquartered in the capital Buenos Aires. The news caught the attention of the cryptocurrency market, as the bank did not make the announcement publicly. In other words, only the bank’s customers who came to log into their accounts noticed the novelty at the beginning of May 2022. This is certainly an important move to legalize bitcoin by yet another company listed on the stock exchange in Latin America.
Banco Galicia allows the purchase of bitcoin
A novelty in Argentina caught the attention of the world community this Monday. Without fanfare, Banco Galicia allowed the purchase of bitcoin for its customer base, which will now be able to expose themselves by the institution itself. In addition, the purchase of other cryptocurrencies such as Ripple, Ethereum and USDC were allowed. The latter is a stablecoin, a dollar-backed digital currency.
Cryptocurrencies for sale in a major Argentine bank. Reproduction. It is clear that with 4 cryptocurrency options, the considered largest Argentine private bank has plunged into the sector in which banks from other countries have been afraid to study. Despite the lack of public announcement, on Twitter the profile of Banco Galicia already confirms the novelty of buying and selling cryptocurrencies for users who ask if the option is already released.
“We inform you that it is now possible to operate with cryptocurrencies, if you have any questions about the process you can write to us by private message and we will be happy to help you. Have a beautiful Monday.”
Hola, @VictorZapata_. We hope you find yourself well. We tell you that it is possible to operate with cryptocurrencies, so if you have any doubts about the process, you can write to us by private message and we will help you. That you have a beautiful moon. greetings Jacqueline. — Banco Galicia (@BancoGalicia) May 2, 2022
Partnership with a European country broker
Recently in Brazil, Mercado Pago allowed the purchase of cryptocurrencies on its platform. With this option still available only to Brazilians, the institution based in Argentina closed a partnership with Paxos to enable the adoption in the sector. At Banco Galicia, a similar situation will occur, as the cryptocurrency broker Lirium will intermediate the purchase and sale negotiations. This platform has authorization from the regulator of Liechtenstein, a small European country, to operate. Thus, Banco Galicia supports the purchase and sale of cryptocurrencies in partnership with a broker, an even more interesting situation given the complicated relationship between these companies around the world.
Banco Galicia provides support through a partnership with Lirium brokerage. Reproduction. The bank’s customers can already start trading, but it is not yet clear whether withdrawals and deposits are allowed, one of the fundamental points of negotiation. In any case, another Latin bank supports the sector, which is listed on the Argentine stock exchange. Despite the good news, the shares of Grupo Galicia did not rise on Monday, although it is not related to the fall of 0.51% with the discreet announcement of the bank.
Shares of Grupo Financiero Galicia fall on day that bank lists bitcoin for customers. Reproduction: Google Finance.