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Banco Galicia, which is one of the largest banks in Argentina, has become the first bank in the South American nation to offer a crypto trading service to its clients.
Banco Galicia — founded in 1905 — calls itself “the most important Argentine private bank”, and is a wholly-owned subsidiary of Grupo Financiero Galicia, which is “a financial services holding company based in Buenos Aires.”
On May 2, Argentine economist Ignacio Esteban Carballo tweeted some screenshot images from the bank’s new crypto service:
.#IMPORTANTE: El Banco Galicia incorpora funcion de comprar #criptomonedas!
Se transforma asi en el PRIMER BANCO DE ARGENTINA en ofrecer el servicio #critpo. Impresionante paso de la Banca Tradicional.
(P.S.: hay que decirlo: chupate esa mandarina!) pic.twitter.com/0Kpi3oMUIL
— Ignacio E. Carballo (@IECarballo) May 2, 2022
He then give some details about the company providing the custody service:
“For the curious: Custody by an external firm. Like Paxos with PayPal in the USA and Mercado Pago, here it is called Lirium. Initially it will only be a closed circuit (purchase and sale of pesos-crypto without mobility between users/platform). We’ll have to see how it goes…
“Lirium is a GREAT company with a lot of Argentine and Latin American talent forming part of it (many ex-Xapo). As Paxos advances as the preponderant player in the world, it is good to see the market for regional providers developing.“
Lirium es una GRAN empresa con mucho talento argentino y latinoamericano formando parte (muchos ex Xapo). Mientras en el mundo Paxos avanza como el player preponderante, alegra ver se desarrolla el mercado de proveedores regionales.https://t.co/neGC0nLlOa
— Ignacio E. Carballo (@IECarballo) May 2, 2022
He went on to say:
“It was like “an open secret” that banks and Fintech were exploring this model after international cases such as PayPal, Robinhood, Mercado Pago, BBVA. The surprising thing is that the first step is from a Bank. And it begins to generate a domino effect…
“Once the “Crypto-as-a-Service” model is enabled, we will surely see this development soon in almost all financial players that seek to stand out in innovation. What does this mean? That the only-crypto players should also differentiate themselves. In short: THE BEST IS YET TO COME!“
Habilitado el modelo de "Crypto-as-a-Service", seguro veremos pronto este desarrollo en casi todos los players financieros que busquen destacar en innovacion.
?Que quiere decir esto? Que los players only-crypto deberan diferenciarse tambien.
En resumen: LO MEJOR ESTA POR VENIR!
— Ignacio E. Carballo (@IECarballo) May 2, 2022
Featured Image by “HalloweenHJB” via Pixabay.com
