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Argentina's Largest Private Bank to Offer Bitcoin, Ethereum Trading

Banco Galicia clients also will be able to transact in USD Coin and XRP.

2 min read
Banco Galicia, Buenos Aires. Image: Wikimedia Commons

Argentina's largest private bank, Buenos Aires-based Banco Galicia, is making available to customers four different cryptocurrencies—Bitcoin, Ethereum, USD Coin, and XRP.

Screenshots of the buying options were posted on Twitter earlier today by bank customers, and Banco Galicia later confirmed to Decrypt in an emailed statement that it had added those services.

"Banco Galicia launches a new and innovative service for its customers customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and one-stop place," the bank said.

Banco Galicia's Twitter account also responded to clients, confirming the new service: "Yes, we are adding new investment options."

Bitcoin is the largest cryptocurrency by market cap and the most famous. Ethereum is the second biggest. USD Coin is a stablecoin, which means it's generally less volatile than both Bitcoin and Ethereum, which sometimes swing wildly in price. The asset is backed by real U.S. dollars.

XRP, the sixth largest digital asset by market cap, is a cryptocurrency used to help banks move money around quickly.

Banco Galicia also told Decrypt it may add more cryptocurrency options in the future.

One reason crypto is popular in Argentina is because the country has one of the highest inflation rates in the world—year-on-year, it's currently over 50%, according to the nation’s central bank.

Bitcoiners have long claimed that the asset works as a hedge against inflation because the supply of the digital coins is capped at 21 million—but some experts say the cryptocurrency is closer correlated to equities.

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