Banco Galicia, one of Argentina’s largest financial institutions, has added cryptocurrency trading to its list of services available to consumers. Users interested in investing in cryptocurrencies can now buy four different crypto assets directly via the financial institution’s home banking app, making it the first bank in Argentina to do so.
In Argentina, Banco Galicia is a pioneer in crypto trading for banks.
Banco Galicia, one of Argentina’s largest private banks, has opted to expand its investing offerings by adding cryptocurrencies to 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.
This news was revealed by some of the bank’s customers on social media who were surprised that the service was silently included. This feature is provided through a partnership with Lirium, a third-party provider that acts as a crypto exchange to fulfill client orders and acts as a management provider for the associated cryptocurrencies.
Banco Galicia Pioneers Crypto Trading for Banks in Argentina
Customers of the bank will now be able to invest in crypto assets straight from the banking app, bypassing the need for third-party exchanges. Banco Galicia is the first bank in Argentina to offer these services, according to reports.
Some of the bank’s customers shared the news on social media, amazed that the service had been added at all. This functionality is made possible by a cooperation with Lirium, a third-party provider that serves as an exchange for client orders and as a manager for the cryptocurrencies involved.
Given the growing popularity of cryptocurrencies, the impetus for including these new investing services comes from client demand.
Ariel H. Sanchez, Investment Products Manager, and Nicholas de Giovanni, Senior Commodity Manager at Banco Galicia, explain: 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.
Crypto Picks and Advice
The bank was cautious in selecting the cryptocurrencies that will be available for purchase and sale through its home banking app. At the time of introduction, only four assets were available: BTC, ETH, USDC, and XRP. In the first phase, the bank would only sell cryptocurrencies “connected to initiatives with practical uses such as blockchains, smart contracts, registries/ledgers, and others,” according to the organization.
Due to the volatility of the new investment instruments, Banco Galicia only recommended crypto investments to customers with a high or moderate risk investment profile.