Banco Galicia, one of Argentina’s largest private banks, has decided to expand its investing services by including cryptocurrencies in its portfolio. Customers of the bank will now be able to invest in crypto assets straight from the banking app, rather than needing to go through third-party exchanges. Banco Galicia is supposedly the first bank in Argentina to offer these services.
The news was posted on social media by a number of bank customers who were taken aback by the service’s silent inclusion. This capability is provided through cooperation with Lirium, a third-party exchange that will execute customer orders and serve as a custody provider for the cryptocurrencies involved.
Customer demand has prompted the addition of these new financial options, which coincides with the surge in popularity of crypto instruments. Ariel H. Sanchez, Banco Galicia’s manager of investment products, and Nicolás de Giovanni, Banco Galicia’s senior product manager, stated:
“More than 90% of people say they know cryptocurrencies and many of them even see them as an investment and the financial future. 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.”
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.
