Market Today

Argentinian Bank Introduced Bitcoin instead of SWIFT for Transfers
Editorial Team

Banco Masventas, a bank based in Argentina has started to use Bitcoin as an alternative method for cross-border money transfer, over SWIFT, the service used previously.

Banco Masventas is an Argentina-based small-sized banking company. However, their movement towards crypto and especially Bitcoin is very important. The transfers have used Bitex in order to facilitate the payments; this has allowed customers of Banco Masventas to transfer money in Bitcoin.

Even though Bitcoin is not the fastest or the cheapest currency to use, it is quite interesting and promising that Banco Masventas have gone down this route.

According to José Humerbto Dakak, a shareholder of Banco Masventas:

“One of the initiatives is to use Bitex as a strategic partner to provide our overseas customers with payment and collection services at the Bitex Exchange.”

Banco Masventas has clearly recognized that cryptos can have great implications for international money services and solutions. Aiming to provide better services for their customers, Banco Masventas at the same time invests in the exploration of the inherent advantages of Blockchain technologies.

Consequently, we may expect the benefits of Ripple to start gaining ground within Argentinian banking market, by both Banco Masventas and other financial service providers assuming this new system integrating Bitex works well.

Overall, this development is a step forward to cryptocurrency adoption and the proof of the use cases of Bitcoin. Though this and other investment opportunities, the popularity of Bitcoin and other cryptocurrencies in Argentina may spike.