- Banco Galicia is the largest private bank in Argentina by market share and recently announced that it will allow its customers to invest in Bitcoin and other cryptocurrencies.
- Argentina is suffering from hyperinflation as inflation hit a 20-year high just a few weeks ago.
- Strike, a Bitcoin payments infrastructure company, was founded in Argentina earlier this year.
Banco Galicia (Nasdaq: GGAL), Argentina’s largest private bank, confirmed it will allow its users to buy and sell Bitcoin and other cryptocurrencies in a range of “new investment options.” tweet earlier today.
The bank has reportedly added a feature in the investing section of its mobile app, allowing users to purchase BTC and a few select other cryptocurrencies, according to a report by CoinDesk.
Banco Galicia will work with Lirium, a cryptocurrency infrastructure company, to achieve the launch of these new investment vehicles. Lirium enables banks and digital wallets to buy, sell, send and receive cryptocurrencies.
Argentina has become increasingly friendly to Bitcoin adoption over the past two years. In August 2021, Alberto Fernandez, President of Argentina, was asked if he would make Bitcoin legal tender like El Salvador and said, “I don’t want to bring myself down too much […] but there’s no reason to say no.”
At the time Fernandez made this comment, Argentina was seventh on the world inflation index.
Before the launch of El Salvador, the bitcoin payment infrastructure company called Strike was established in the region. In January 2022, Strike launched in Argentina, marking a step forward for Bitcoin adoption in the region. Strike’s CEO, Jack Maller, used Twitter for the Notice.
“Today, we’re delivering a superior financial experience to a country confronted with hyperinflation, predatory payment networks and useless cross-border remittances,” Mallers continued. “Today, we use the Bitcoin global open currency network to bring hope to the people of Argentina.”