From today, May 2, the home banking de Banco Galicia, the largest private bank in Argentina, offers the option to buy bitcoin (BTC) and other cryptocurrencies to the company’s customers.
In your “Investments” section, website added “Cryptos”to the already existing “Fixed Term”, “FIMA Funds”, “CEDEAR Stock Bonds”, “Primary Tenders” and “ETF”.
In addition to bitcoin, the other cryptocurrencies that can be purchased are ether (ETH), USD Coin (USDC) and Ripple’s XRP. All these digital currencies can be accessed through Argentine pesos.
The minimum investment is ARS 100 (equivalent to about USD 0.50) and, as CriptoNoticias was able to verify, acquired cryptocurrencies cannot be withdrawn from the bank. The same banking entity offers the option of repurchasing them, when the investor no longer wants to have them in his possession.
The purchase price of BTC is, at the time of this publication, ARS 8,138,706 and the sale price is ARS 7,975,411. This price is about 3% higher than what can be found in Argentine cryptocurrency exchanges, as can be seen in the CriptoNoticias Price Calculator, and verified on other trading platforms.
In accordance with what is detailed in the terms and conditions that must be accepted before acquiring cryptocurrencies in Banco Galicia, the banking entity has established an alliance with the company Liriumwhich is the service provider.
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There it is also detailed that the cryptocurrencies are in a wallet “in the custody of the providers and, therefore, it is not regulated by the laws of the Argentine Republic.”
“Your assets will be guarded abroad and are not covered by the regulations of the Central Bank of the Argentine Republic or the National Securities Commission of the Argentine Republic,” reads the document, which also clarifies that “Galicia will not have control or any influence” over the cryptocurrency wallet.
3 million customers will be able to access bitcoin from their bank
Grupo Financiero Galicia, a company that listed on Nasdaq With a market capitalization of USD 1,296 million, it offers its services to 3 million clients, according to its website. Currently, the company founded in 1905 and chaired by Sergio Grinenco has more than 300 branches.
In the field of investments, Galicia has a mutual fund administrator and a stock exchange company. It also manages insurance companies and issues credit cards and complementary services.
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