- Banco Galicia is the largest private bank in Argentina by market share and recently announced it will allow its customers to invest in bitcoin and other cryptocurrencies.
- Argentina is suffering from hyper-inflation as inflation hit a 20 year high just a few weeks ago.
- Strike, a bitcoin payment infrastructure company, launched in Argentina earlier this year.
Banco Galicia (Nasdaq: GGAL), the largest Argentinian private bank, confirmed that it will allow its users to buy and sell bitcoin and other cryptocurrencies in a series of “new investment options,” in a tweet earlier today.
The bank reportedly added a feature within the investment section of its mobile application for users to acquire BTC and a select few other cryptocurrencies, according to a report from CoinDesk.
Banco Galicia will be working with Lirium, a cryptocurrency infrastructure company, to accomplish the rollout of these new investment vehicles. Lirium enables banks and digital wallets to buy, sell, send, and receive cryptocurrencies.
Argentina has become increasingly friendly towards bitcoin adoption over the course of the past two years. In August, 2021 Alberto Fernandez, President of Argentina, was asked if he would follow the likes of El Salvador in making bitcoin legal tender stating: "I don't want to go too far out on a limb [...] but there is no reason to say no."
At the time Fernandez made this comment, Argentina was seventh in the world inflation index.
Prior to El Salvador's adoption, the bitcoin payments infrastructure company known as Strike launched in the region. In January 2022 Strike launched in Argentina providing a step-forward for bitcoin adoption in the region. Strike’s CEO, Jack Maller took to Twitter for the announcement.
“Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers,” Mallers continued, “Today, we use the world’s open monetary network, Bitcoin, to give hope to the people of Argentina.”