Soros-Backed Argentinian Neobank Uala Launches Cryptocurrency Trading Services – Exchange Bitcoin News

Uala, an Argentinian neobank backed by George Soros, has launched cryptocurrency trading services for its users in Argentina. Customers of the company with the highest loyalty levels can now trade, buy and sell bitcoin and ether through Uala’s platform. The service is expected to be extended to all customers in the coming weeks.

Uala enters crypto

On November 4, Argentine neobank Uala announced that it already offers cryptocurrency trading services through its app. The unicorn company, which has investments from George Soros and Steve Cohen, will gradually roll out this functionality to all its clients in Argentina, according to statements from the CEO Pierpaolo Barbieri.

Regarding the meaning of movestated Barbieri:

Argentina is the best market to make this investment, as it is one of the countries in the region where adoption is growing the fastest.

Barbieri explained that the cryptocurrency trading option is already available to customers at the highest levels of the company’s loyalty program. The aim is to make the option available to all 4.5 million customers of Uala in Argentina in the coming weeks.

More information

The company had to create an offshoot to make cryptocurrency trading available, called Uanex. On the launch date, clients will be able to access this option through the investment menu in the app and it will be available at all times. The first cryptocurrencies that will be available in the investment app are bitcoin and ether, with more possibly to follow.

However, stablecoins will not be offered through the platform. About this choice, Barbieri explained:

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 from $1.50 in crypto and Bitso will be responsible for providing custody of the funds in Uala’s wallet service. On the fees the company will charge, Barbieri explained that they will be quoted depending on the liquidity of available funds, but said they would be low.

Banco Galicia, a traditional private bank, tried to launch similar services in May, but Argentina’s central bank quickly issued a resolution banning private banks from offering services to manage digital assets.

What do you think of Uala’s cryptocurrency trading offering? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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