The South American region continues its shift into cryptocurrency adoption, as Argentina’s largest and second-largest banks announce that they will allow customers to make cryptocurrency purchases as part of their service offerings.
According to a report from Bloomberg, Banco Galicia and Brubank will be allowing their customers to make cryptocurrency purchases following high demand from Argentines looking to invest and interact with the industry. After conducting a survey to get an idea of their interest in the market, Banco Galicia found that a whopping 60% of their respondents were interested in more access to cryptocurrency. As a result, the country’s leading private bank has made the decision to offer crypto trading as part of its financial services.
Banco Galicia’s online interface now offers support for customers to buy Bitcoin, Ether, USD Coin and Ripple through its platform.
Argentina’s steps to crypto adoption
Argentina has not been shy in the cryptocurrency industry, boasting one of the highest crypto adoption rates in the world. According to data from Statista, over one fifth of Argentines have used or owned cryptocurrency and the industry is set to continue to climb in the country.
With the leading private banks adding crypto features, those Argentinian investors and traders already in the market have easier ways to buy cryptocurrency. Additionally, interested customers who might not have crypto experience have access to a platform that they know and trust. With increasing inflation in Argentina, cryptocurrency also offers investors a way to hedge against the fiat currency’s inflationary concerns. With Bitcoin’s capped supply and value disassociated to a fiat currency, the cryptocurrency market offers an alternative asset for long-term investment.
As it stands, Bitcoin has been touted in the country as a way to not only fight inflation but also earn in the digital market. The town of Sorradino, Santa Fe Province has started putting plans in place to start crypto mining as a way to earn Bitcoin. The mining operation in the region stands as evidence of the country’s adoption of the industry – both from investment and earning opportunities.