Brubank has made a mark as one of the first Argentinian digital banks to get central bank’s approval to get into crypto-related operations. The financial institution announced that it would start allowing clients to make digital currency transactions through its platform; opening the possibility of buying cryptos via its app. Brubank becomes the second institution to offer crypto-services after Banco Galicia.
Brubank Opens Doors for Crypto Services to Clients
Banks in Argentina are now starting to note the value that comes from blockchain technology and offering crypto services to clients as the industry grows. Brubank, which operates an all-digital mode and is licensed by the central bank of Argentina, has announced that it is offering cryptos in its app. When announcing the good news on social media and answering one of the inquiries, here is what the institution had to say:
“Yes, we are already crypto! It is a functionality being progressively enabled for all users. ….”
Brubank opted to start by offering the top four cryptos: Bitcoin (BTC), Ethereum (Ether), and two stable coins, DAI and USDC.
What is the Legality of the Banking Crypto Frenzy?
Following in the footsteps of Banco Galicia, Drubank points at the rapidly unfolding situation where banks that were previously hesitant are now ready to join the crypto market. However, digital assets are still unregulated. To address this, banks are forging partnerships with 3rd-party institutions that run from outside the nation to provide white label services.
For Banco Galicia, the partner is Lirium, while Drubank is yet to unveil the partner. The nature of these arrangements means that the wallets used to store the crypto assets are not secured by the country’s laws and fall outside the ambit of the central bank and National Values Commission (NVC).