George Soros, a Hungarian Businessman, investor, and philanthropist, strengthened Uala, an Argentine neobank, to launch new services to his application. Uala allows Bitcoin and Ethereum to buy, sell, and trade in Uala’s app. This made Uala the biggest fintech bank in Argentina and Latin America.
Uala cryptocurrency services
Uala has announced to provide services related to cryptocurrency. Customers can buy, sell and trade Bitcoin and Ethereum only. “We prefer clarity and transparency: Bitcoin and Ethereum are what they are. Stablecoins will have regulations in the future. “said Pierpaola Barbieri, Ceo of Uala.
Uala customers can invest from $1.50 in cryptocurrency, and Barbieri aims to make Uala available to 4.5 million people in Argentina. Uala has yet to sanction to buy of cryptocurrency will be done shortly, but users can get priority access by applying through the link given in the app.
Central Bank of Argentina’s support’s Uala
Banco Galicia and Brubanks are the private banks of Argentina that also planned to launch crypto trading services. Still, the Central bank of Argentina bans private banks from providing any digital assets managing services.
It is mentioned in the BCRA document, “Financial entities may not carry out or facilitate their clients to carry out operations with digital assets, including crypto assets and those whose yields are determined based on the variations that they register, that are not regulated by a national authority and authorized by the bank. Central Bank of the Argentine Republic (BCRA).”
Uala is a mobile banking startup plan of Pierpaola Barbieri. He wanted to change the Argentines’ concept of handling money.
As a startup, Uala faced challenges during its struggling period, and Pierpaola Barbieri said, “Uala is the first Soros investment in the real economy in Argentina in 15 years, so that should tell you that timing matters.”
Source: https://www.thecoinrepublic.com/2022/11/09/uala-argentinas-neobank-backed-by-soros-to-launch-cryptocurrency-trading-services/