Banco Galicia Becomes First Bank to Introduce Crypto Trading in Argentina

Banco Galicia, one of the largest financial institutions in Argentina, has introduced cryptocurrency trading as part of the services it is currently offering to customers. Users interested in investing in cryptocurrency are already able to purchase four different crypto assets directly from the home banking app of the financial institution, making it reportedly the first bank to offer this possibility to Argentinian customers.

Banco Galicia, one of the biggest private banks in Argentina, has decided to complement its investment services with the introduction of cryptocurrencies in its portfolio. Now, customers of the bank will be able to invest in crypto assets directly from the banking app, without having to resort to other exchanges or third parties. This move makes Banco Galicia reportedly the first bank to offer these services in Argentina.

The news was revealed by several customers of the bank on social media who were surprised by the quiet inclusion of this service. This functionality is being offered through a partnership with Lirium, a third party that will act as the exchange to execute the orders of the customers and serve as a custody provider for the involved cryptocurrencies.

The motivation for including these new investment services comes from customer demand amidst the rise in popularity of crypto instruments. On this, Ariel H. Sanchez, manager of investment products, and Nicolás de Giovanni, senior product manager of Banco Galicia explained:

More than 90% of people say they know cryptocurrencies and many of them even see them as an investment and the financial future. We conducted a survey of our clients and more than 60% want to incorporate these assets into their investment portfolio, with the youngest public being the one that demands them most.

The institution was conservative in choosing the cryptocurrencies which will be available through its home banking app for purchasing and selling. Just four assets were listed at launch, these being BTC, ETH, USDC, and XRP. The institution informed that in this first phase, the bank will limit its offer to cryptocurrencies “linked to projects with practical uses such as blockchains, smart contracts, registries/ledgers, among others.”

However, Banco Galicia only recommended crypto investments for customers with a high or moderate risk investment profile, due to the volatility of the new investment instruments.

What do you think about Banco Galicia’s decision to introduce cryptocurrency investment options to its home banking app? Tell us in the comments section below.