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Argentinian digital bank Brubank enters the crypto business

Argentinian digital bank Brubank enters the crypto business

Private banks in Argentina are starting to see the value of providing crypto services to their clients amid the crypto boom in the country.

Brubank, a digital bank licensed by the country’s central bank, has reported that it is currently offering cryptocurrency purchases within its app. The bank announced this new functionality on social media in response to customer questions about new options on the platform.

Yes, we’ve got crypto! This is a function that is being rolled out gradually to all our users. Once you’ve activated it, you’ll be able to view it by entering ‘Invest’ from the app.

Brubank only offers four cryptocurrencies on its platform including BTC, ETH, and two stablecoins: USDC and DAI.

Brubank is not the first banking institution to offer cryptocurrency services to its customers in Argentina. On May 2, Banco Galicia, another private bank, also announced that it was offering crypto investments directly from its home banking app, after seeing a demand for it. with these tools from customers.

However, cryptocurrencies are still unregulated in the country and banks cannot provide crypto investments on their own. To do this, banks are partnering with third-party organizations operating outside the country. In the case of Banco Galicia, it is Lirium, a European regulated platform that provides liquidity, executes transactions and provides custody services to the bank’s customers. Brubank has yet to announce which platforms are providing these services to the institution.

The nature of such arrangements means that funds stored in these crypto wallets are not secured by national laws and are outside the scope of protection of national institutions, such as central bank or National Values ​​Commission.