Banco Masventas, a small bank in Argentina announced partnership with exchange Bitex to provide a new cryptocurrency settlement service to customers.
This Settlement service will reduce the cost of cross-border transfer owing that it will eliminate bank intermediaries. According to Jose Dakak, Principal shareholder of Masventas, the move is credited to a broader drive by the bank to enhance its digital, smartphone-based services, as well as to lower the bank’s cost of service.
The Argentina Government is interested in cryptocurrency as recently, the Central Bank of Argentine Republic(BCRA) welcomed the installment of Bitcoin Automatic Teller Machines(BTMs) in the country.The number of BTMs in the country is also set to increase before the end of the year. Banco Masventas is said to be the first bank to introduce the use of bitcoin in settlement services. It is believed that this move by Banco Masventas will prompt other banks to embrace offering cryptocurrency services.