Bitex, Bitcoin used in an Argentinian bank
Bitex, Bitcoin used in an Argentinian bank

Bitex, Bitcoin used in an Argentinian bank

By Aneta Karbowiak - 22 May 2018

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Bitex Bitcoin Argentina: Bancos Masventas has started using crypto for cross-border payments. But the end user is left out.

Bitex, Bitcoin used in an Argentinian bank. Leggi qui l’articolo in Italiano.

It has always been said that to be successful bitcoin would need to be supported by the adoption of institutions, and with the announcement of the Argentinian Banco Masventas, it seems that this is happening.

Banco Masventas has revealed that it uses bitcoin for international payments. It made its debut yesterday, Monday 21 May. This day will go down in history as the day when a national bank used bitcoin to carry out its first cross-border transactions.

The agreement with Bitex

To do so, the bank has entered into a partnership with a cryptocurrency exchange, Bitex, founded in 2014 and focused on the Latin American market.

Bitex is a strategic partner for the implementation of its payment and transaction platform.

Payments with low fees

The decision to use the cryptocurrency for cross-border transactions aims to improve digital services on smartphones and reduce costs and time.

On its website, Banco Masventas lists all the advantages of the solution:

  • The service reduces the costs associated with international transfers as there are no international banks as intermediaries.
  • Fund logistics solution reduces time and can send or receive transfers up to 24 hours
  • An extensive partner network enabling international transfers to more than 50 countries.
  • Possibility to make account transfers on the account

However, Manuel Beaudroit, head of marketing at Bitex, recalls that the customer will not directly have to deal with bitcoin:

“The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider: for the customer, it’s transparent, they don’t touch, they don’t see the bitcoin. We are a provider for them, and they are not touching bitcoin,” told CoinDesk.

Aneta Karbowiak

Graduated in Biology from the University of Genova, she was soon interested in the development of mobile applications and chatbots. She entered the publishing world as manager of an English sports website where she managed a team of ten people. Passionate about blockchain technology and cryptocurrencies, she began writing for Qubithacker.

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