On Monday, Galicia became the first bank in the country to offer its clients the possibility to buy, sell and hold cryptocurrencies.
Galicia Bank on Monday became the first financial institution in Argentina to offer its clients the possibility to buy, sell, and hold cryptocurrencies in a simple way, both from online banking just like in your mobile app.
Customers can now trade with Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP)cryptocurrencies where this project begins, although it does not rule out expanding the range of digital currencies in the future.
The cryptocurrencies in which Banco Galicia will work for the first time are those linked to projects with practical use such as blockchain, smart contracts, registries/ledgers, Among others. One of the characteristics is that due to the volume operated daily and monthly, liquidity is guaranteed to clients.
In addition, the entire proposal is focused on providing “the best security to customers by offering the most robust projects” and has proven tools, such as Ripple XRP, a network of payment processors with agreements to Standard chartered, BOFA, Amex, among others.
Galicia chose a portfolio that makes up the top 6 out of thousands of different cryptocurrencies.
Step by step, how to buy cryptocurrencies through Banco Galicia
This can be done with home banking.
In the same way as through an exchange or from person to person (P2P), the Galician user will be able to operate using cryptocurrencies as simple as establishing a fixed term or a Fima fund.
In the home banking menu you can choose between four types of cryptocurrencies.
The client enters Online Banking from his PC or cell phone and, at investment section, there will be the option of cryptocurrencies -enabled operations.
All purchased cryptocurrencies can be seen in the panel (dashboard) of investments such as any other funds, bonds, shares, fixed terms and will be part of a comprehensive experience of your own asset management.
Online Banking of Galicia shows the cryptocurrency price of the day on the panel.
Due to the high volatility of this financial asset, clients have a moderate or risky risk profile. Those with a conservative investor profile should consider whether this is a suitable asset for them, and those with a moderate risk profile should have a more limited position in their overall portfolio.
At the time of entering the peso value, the platform will deduct the amount of cryptocurrencies that can be purchased.
On the other hand, Only those with a bank-validated transactional profile can operatethis means they declare income, such as receiving bank assets.
More banks are targeting cryptocurrencies
Currently, there are other financial entities with various projects linked to the offer of cryptocurrencies for clients.
In early March, the Santander Bank began offering peso credits backed by cryptocurrencies that reflect the price of soybeans, corn and wheat, although only for clients in the agricultural sector.
Ang brubank digital bank is working on a service similar to the one in Galicia that offers four cryptocurrencies (Bitcoin, Ethereum, DAI and USDC) but that is “progressively enabled for all our users,” they reported via their Twitter account.
Eventually, the fintech ANK -linked to Banco Itaú- announced last month that it is in the process of launching a service to acquire cryptocurrencies to “simplify savings and investments” directly from the application and with funds in any of the bank accounts already link to the platform.
“We chose USDC as a stablecoin for savings and Bitcoin and Ether for those who want to invest, the minimum transaction would be just $ 100,” Leonardo Rubinstein, CEO of ANK, said at an event in early April.
SL
Source: Clarin
