Private Bank in Argentina May Start Crypto Trading Services

The Largest private bank in Argentina (Banco Galicia) is beginning to offer crypto trading services, in Bitcoin, Ethereum, USD Coin, and XRP. The innovative service includes purchasing, selling, and taking custody of cryptocurrencies without compromising on security and simplicity.

Bitcoin is selected because of its current market cap and scope, and Ethereum comes second. USDC is a stablecoin that is backed by real US dollars. And lastly, XRP is the last asset on the list (6th by market cap), which allows faster transactions than any other cryptocurrency. The bank will add other cryptocurrencies as well.

Argentina relies on cryptocurrencies because of the high inflation it faces every year. Bitcoin can work as a hedge against this inflation, according to experts.     

Bitcoiners have long claimed that the asset works as a hedge against inflation because the supply of the digital coins is capped at 21 million—but some experts say the cryptocurrency is closer correlated to equities.