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Bitcoin and Ethereum trading services will be available to 4.5 million users of the South American country in the coming weeks.
Ualá, an Argentina-based fintech, has opened Bitcoin (BTC) and Ethereum (ETH) trading to domestic customers.
Las cripto están llegando Continuamos trabajando por la inclusión financiera y escuchando 🌎 siempre nuestros usuarios.
Por el momento se encontrará disponible únicamente para 🇦🇷 . Quienes quieran ser de los primeros en comprar, pueden anotarse en 👉 https://t.co/SpLhoORsScpic.twitter.com/YK5hKUHVOt — Ualá (@uala) November 4, 2022
Initially, the service only served a few thousand users, said Andrés Rodríguez Ledermann, vice president of Ualá asset management. But in the coming weeks, the platform will reach 4.5 million Argentine customers.
The platform only allows buying and selling cryptocurrencies, but has not yet been withdrawn. Trade the minimum at 250 pesos, or 0.83 USD.
Rodriguez Ledermann is open that Ualá will enter the Mexican and Colombian markets, but more legal research is needed there.
Thus, Ualá is the first financial player to launch a cryptocurrency trading service in Argentina, after the Central Bank of Argentina (BCRA) tightened its grip on cryptocurrencies from May 5, leaving many investors deadlocked and cracking down on illegal mining recently.
In order to comply with the current regulation, Rodriguez Ledermann said, Ualá established a special company specializing in providing cryptocurrency services, Uanex, based in the UK and chose Latin American company Bitso as a liquidity provider.
In August, Ualá raised $350 million in Series D funding, co-led by SoftBank and Tencent, giving the company a post-cash valuation of $2.45 billion.
>>> See also: Argentina’s Mendoza province accepts tax payments in crypto
