On May 9 Argentina’s largest private bank Banco Galicia and digital bank Brubank SAU will start trading cryptocurrency.
Customers of the companies will be able to buy and sell bitcoins, Ethereum (ETH) and Stablecoin USD Coin (USDC). These options will appear in the mobile applications of banks in the sections dedicated to investment instruments.
Banco Galicia decided to launch the new service because of the high demand for digital assets. According to a survey, 60% of the firm’s clients want access to trading virtual currencies through their bank accounts. Banco Galicia senior product manager Ariel Sanchez said that coins and tokens are most popular among young people.
In 2021, Argentina ranked 10th in the ranking of states by the scale of cryptocurrency use, compiled by Chainalysis. The country managed to get into the top 10 due to the high volume of trading on peer-to-peer exchanges and the large size of transactions in digital assets.
Top 20 countries by the scale of cryptocurrency use
The demand for virtual currencies in Argentina is driven by high inflation amid recurring economic crises. According to researcher Wunderman Thompson, 66% of the country’s digital asset holders have invested in cryptocurrency to preserve their savings.