Banco Galicia, Argentina’s largest private bank, and digital assets bank Brubank SAU will both provide Bitcoin and cryptocurrency trading services for their clients. Along with Bitcoin, the banks will also provide services for Ethereum and USDC on May 9th, 2022.
Around 60% of Banco Galicia’s customers are in favor of buying Bitcoin and other cryptocurrencies through banking services. The bank’s manager of investment products Ariel Sanchez stated that customer demand is the main reason for offering the services. The bank’s senior manager Nicolas de Giovanni also explained that demand is mostly driven from their younger clients.
Prior to these announced services from Banco Galicia and Brubank SAU, Argentines were only able to purchase Bitcoin and cryptocurrency through wallets that provide an exchange feature or from other holders. This development in the country will increase adoption even further than it already has.
Argentina is currently one of the top ten countries in the world with the highest adoption rate of Bitcoin and other cryptocurrencies. This can be attributed to consistent currency failures throughout the country’s history and the recent 50% inflation rate over the last year.
Based on a study done by Wunderman Thompson (located in Buenos Aires), two-thirds of Argentines invest in Bitcoin and other cryptocurrencies in order to protect their savings from inflation.
Both banks have confirmed that Bitcoin and cryptocurrencies purchased by customers will be done on the same platform where they have access to other traditional financial products. This is made possible by the partnerships the two banks made with the Argentine crypto wallet Lirium. In the beginning, Banco Galicia will only provide Bitcoin and cryptocurrency purchases for customers who are signed up with their direct deposit service to receive salaries.