Argentinian Bank Adopts Bitcoin for Cross-Border Transactions

Banco Masventas, in a partnership with Bitex, enables clients to use Bitcoin as an alternative to SWIFT for BTC settlement

Ramy Caspi
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According to a Facebook post, Argentinian financial institution Banco Masventas (BMV), has announced a partnership with Bitex to enable clients to use Bitcoin for international payments as an alternative to SWIFT. This new initiative removes SWIFT, a clearing network used by most banks which has seen various security issues and failures in recent years. Under this new service, BMV customers have the capability to send money to 50 different countries and with payment timeframes reduced to 24 hours.

In a statement BMV said, “The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries. The logistics solution allows for a reduction in the time it takes to send or receive transfers up to a maximum of 24 hours. Bitex has a wide network of partners that enables international transfers to more than 50 countries.”

Bitex is a blockchain financial services provider that is responsible for providing solutions to both individuals and institutions for the supply of bitcoin for investment. They also specialize in managing the hoarding of Bitcoin, as well as, the assembly of international fund logistics solutions. This allows customers to make or receive multiple payments and simultaneous in local currency between more than 50 countries. Should a customer of Banco Masventas want to utilise the BTC settlement service, an account manager at the bank will help to facilitate the transfer.

The government of Argentina have been generally positive towards cryptocurrencies and recently the Central Bank of Argentina approved the installation of Bitcoin ATMs. In April, a “Bitcoin Day” event was hosted in Buenos Aires that saw the community come together to promote the use of Bitcoin and blockchain.