Soros-Backed Argentine Neobank Uala Launches Cryptocurrency Trading Services – The Argentine neobank Uala announced on November 4 that its app now offers cryptocurrency trading services. According to CEO Pierpaolo Barbieri, the company, which has received investments from George Soros and Steve Cohen, will gradually roll out this functionality to all of its customers in Argentina.
Regarding the significance of the move, Barbieri stated, “Argentina is the best market to make this investment, since it is one of the countries in the region where adoption is growing the fastest.” Barbieri explained that customers with the highest levels of the company’s loyalty program are already able to trade cryptocurrencies. In the coming weeks, the option will be made available to all 4.5 million Uala customers in Argentina.
The company had to create an offshoot to make cryptocurrency trading available, called Uanex. At the launch date, this option will be accessible through the app’s investment menu, and it will be available at all times. Bitcoin and ether will be the first cryptocurrencies available in the investment app, with others possibly following.
However, stablecoins will not be made available via the platform. On this choice, Barbieri elaborated: “We prefer clarity and transparency: Bitcoin and Ethereum are what they are. Stablecoins will have a regulation in the future.” Users will be able to invest as little as $1.50 in cryptocurrencies, and Bitso will be in charge of providing custody of the funds in Uala’s wallet service.
Barbieri explained that the fees the company will charge will be quoted based on the liquidity of available funds, but that they will be low. Traditional private bank Banco Galicia attempted to launch comparable services in May, but the Central Bank of Argentina swiftly issued a resolution prohibiting private banks from offering services to manage digital assets.
READ MORE
Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum
Goldman Sachs Launches Data Service to Help Investors Analyze Crypto Markets
Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint
