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Two Argentinian banks are reportedly set to launch crypto trading services

Two banks in Argentina will allow their customers to cryptocurrencies to buy from their official websites. The two are Banco Galicia — the country’s largest private bank by market value — and Brubank — a fully digital bank.

The two companies have partnered with cryptoWallet Lirium for the new service, which will reportedly be available to customers on Monday. At Banco Galicia, the feature will initially be available to customers whose salary is paid directly to the bank.

Banks in Argentina are embracing crypto trading

According to Bloomberg, Banco Galicia’s decision was fueled by strong customer demand, particularly from younger generations. This became clear when 60% of the participants in one of their surveys indicated that they would like to access crypto assets through the bank.

Two officials at the bank – Ariel Sanchez, the investment products manager, and Nicholas de Giovanni – confirmed this, adding:

“Youth is the group that demands it the most.”

The report also cited data from Chainalysis claiming that Argentina is among the top countries in terms of cryptocurrency adoption, ranking 10th in the world.

Research conducted by marketing communications agency Wunderman Thompson also found that due to the rising inflation are motivated to acquire cryptocurrencies – 50% per year. Two-thirds of respondents said they are drawn to cryptocurrencies to cushion falling purchasing power.

Other banks in the mix

It’s safe to say that a sizable chunk of some of the world’s top banks — namely those based in the United States — have changed their stance on the crypto industry and started adopting the asset class after years of criticizing it.

Around mid-2021, digital asset management firm NYDIG and payments firm National Cash Register (NCR) partnered to enable US banks to offer crypto trading services through mobile apps. First-Citizens Bank is one of the beneficiaries of this initiative.

In addition, Goldman Sachs is reportedly planning to launch the OTCEthereum-Options trading due to increased demand from its clients. This comes after the Wall Street giant OTCBTC-released options, applied for its own BTC ETF and restarted its cryptocurrency trading desk. Up until a year ago, Goldman was one of the most vocal crypto critics, along with JPMorgan.

America’s oldest bank – BNY Mellon – is one of the leaders in terms of digital asset adoption, having partnered with Grayscale, participating in crypto-related funding rounds and launching its own suite of such services.

Featured image courtesy of JazzandCash

Source: Crypto News Deutsch

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