A partnership between the Latin American exchange Bitex and the financial institution Banco Masventas on Monday, May 21. The partnership gives the bank a new cryptocurrency settlement service for its customers. The bank, which is located in the heart of Argentina, has been offering banking support to individuals and businesses in the Provinces of Salta. Now the bank is the first financial institution to offer settlement services using BTC.
The announcement by Bitex and Banco Masventas say that “the service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries.”
“Our fund logistics solution allows reduced settlement times and send or receive transfers up to 24 hours.”
The bank explains that, as a customer, an account representative will help facilitate the transaction in case you want to use BTC settlement service. Every current account holder in the bank is already qualified to use the BTC payment service. The announcement from the bank reveals that the international transfer commission for BTC settlement is 3.00% + VAT.
The love for cryptocurrencies like BTC in Argentina is growing every day, which is not the case for neighboring countries like Ecuador. The Central Bank of the Argentine Republic (BCRA) has recently authorized the installation of Bitcoin Automatic Teller Machines (BTMs) in the country. Citizens may see a rush of BTMs this year. Tim Draper told the Argentine President Mauricio Marci last December that he should invest in cryptocurrencies. Lovers of digital assets think the Argentina-based Banco Masventas creating cryptocurrency services will push other Latin American banks to follow their lead.