Uala, an Argentine fintech firm, has made bitcoin (BTC) and ether (ETH) trading available to its customers in that country.
The new service will initially be available to a few thousand users, according to Andres Rodriguez Ledermann, vice president of Wealth Management at Uala, but it will be rolled out to all of the company’s 4.5 million Argentine customers in the coming weeks.
The platform only supports crypto purchases and sales; withdrawals are not possible. The transaction minimum is 250 pesos ($0.83).
Rodriguez Ledermann did not rule out the possibility of the company offering crypto trading in Mexico and Colombia, where it also operates, but added that regulatory issues must be investigated.
Uala is the first financial institution to offer cryptocurrency trading in Argentina since the country’s central bank barred two banks from offering cryptocurrency to their customers in May.
According to Rodriguez Ledermann, in order to comply with current regulations in Argentina, Ual established a special company to provide its crypto service – Uanex, which is based in England and has the Latin American crypto company Bitso as its crypto liquidity provider.
Ual received a $350 million Series D funding round led by SoftBank and Tencent affiliates in August. The investment resulted in a $2.45 billion post-money valuation for the company.
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