Argentine Fintech Bank Uala Launches Crypto Trading to 5M Users

  • Uala launched a firm called Uanex to offer crypto trading to users.
  • Customers are now able to purchase and sell Bitcoin and Ether via the app.
  • The fintech bank also seeks to offer crypto trading in Mexico and Colombia.

Uala, the largest fintech bank in Argentina, is getting ahead in the crypto space by offering its customers an option to buy and sell Bitcoin and Ether using Argentine pesos via its app.

According to its founder and CEO Pierpaolo Barbieri, Uala developed a unique firm called Uanex to manage the newly launched products and comply with the local legislation in Argentina. Located in England, Uanex is using the Latin American crypto company Bitso as its source of crypto liquidity.

The fintech firm, which was reportedly backed by billionaires George Soros and Steve Cohen, currently provides an outstanding financial service developed on a prepaid card in Argentina, Mexico, and Colombia. This service also can be managed through the firm’s app.

Initially, the new offer will only be available to a few thousand users. In the next few weeks, the offer will be expanded to more than 4.5 million Uala users in Argentina. Uala’s crypto trading in Mexico and Colombia was carefully being looked into by the company due to regulatory matters.

Furthermore, the crypto trading offer will only allow its users to purchase and sell cryptocurrencies, meaning the withdrawal option is not yet available. The platform also allows a 250 pesos ($0.83) minimum transaction size.

In May, two banks in Argentina were prohibited by the country’s central bank to gain access to crypto services. Uala has been the first fintech bank to allow crypto trading since May.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.