Fintech firm Uala – based in the nation of Argentina – is venturing into crypto territory and has stated it will allow customers to trade digital assets like BTC and ETH through its app.
Uala in Argentina Is Giving Way to Crypto Trades
Valued at roughly $2.5 billion following its last funding round, Uala is becoming one of the largest financial technology companies in South America. Customers that utilize the app will be able to trade pesos for mainstream assets like those mentioned above. At the time of writing, the company enjoys more than five million customers throughout nations like Mexico, Colombia, and (naturally) Argentina.
Founder and CEO of the firm Pierpaolo Barbieri explained in a recent interview:
Argentina is the best market to make this investment given it’s one of the region’s countries where adoption is growing fastest.
The digital currency arena has been in a rather poor position as of late. Over just the last several months alone, the industry has lost more than $2 trillion in overall valuation, and mainstream currencies like BTC – the world’s largest and most popular digital currency by market cap – have fallen by more than 70 percent from their all-time highs, which were achieved in November of last year. It’s a sad and ugly sight to see, but the fact remains that many people are still intrigued by the growing space, and the above news is proof of this.
In addition, Rodriguez Ledermann – the wealth management vice president with Uala – stated that the company’s customers have been begging for crypto and blockchain-related services for some time, another testament to how strong the digital currency scene has become despite the bearish conditions it’s currently facing. Ledermann commented:
Users asked us to invest in crypto through our app a long time ago.
Argentina is becoming a growing hub for crypto companies and innovation. Not long ago, a region within the country called Mendoza announced that crypto assets could be utilized to make tax payments, thus paving the way for cryptocurrencies to be utilized as payment tools.
In addition, Argentina – like many nations at the time of writing – is suffering from the effects of deflation, in which its native currency has become practically worthless over the years. As a result, many have found cause to turn to bitcoin and related digital assets as a means of obtaining the items and services they need to survive.
The Nation Keeps Getting Busier
Marcos Buscaglia – a national economist in Buenos Aires, the capital of the region – joked about the present state of the peso, commenting:
Money here is like ice cream. If you keep a peso for too long, it melts in terms of how much you can buy with it.
It is believed the country will reach a 100 percent inflation rate by the end of the year.