Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

Argentinian Digital Bank Brubank Includes Crypto Purchases in Its Platform

  • Ralph Smith
  • 05/05/2022
  • 7 views
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

Brubank

Brubank, one of Argentina’s first digital banks approved by the country’s central bank, is entering the cryptocurrency business. The company announced that it now allows customers to make cryptocurrency investments through its platform, giving them the ability to buy cryptoassets in its app. It is reportedly the second financial institution to provide such services in the country.

Brubank introduces cryptocurrency services

Private banks in Argentina are beginning to realize the value of offering cryptocurrency services to their customers amid the country’s crypto boom. Brubank, a fully digital financial institution licensed by the country’s central bank, announced that it now offers cryptocurrency buying services in its app. The bank announced this new feature on social media, answering a customer question about the platform’s new features.

Brubank said:

Yes, we already have cryptocurrency! This is a functionality that is gradually being enabled for all of our users. When it is enabled, you will be able to view it by logging into “Investments” in the app.

Brubank has decided to offer only four cryptocurrencies on its platform, listing BTC, ETH, and two stabelcoins: USDC and DAI.

The legality of the banking crypto hype

Brubank is not the first banking institution to provide cryptocurrency services to its customers in Argentina. On May 2, Banco Galicia, another private bank, also announced that it already offers cryptocurrency investments directly from its home banking app, noting customer demand for these tools.

However, cryptocurrencies are still not regulated in the country, and banks cannot offer cryptocurrency investments on their own. In order to do so, banks enter into partnerships with third-party organizations that operate out of the country, offering white-label services. In the case of Banco Galicia, it is Lirium, a European regulated platform that provides liquidity, transactions, and custodial services to the bank’s customers. Brubank has not yet announced which platform provides these services for the institution.

The nature of these arrangements means that the funds stored in these cryptocurrency wallets are not secured by the laws of the country and are outside the protection that the country’s institutions, such as the central bank or the National Securities Commission, can offer for investment instruments.

Image credits: Shutterstock, Pixabay, Wiki Commons

Country: Argentina
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.