Author: Gan Jia Ci
An Argentinian bank, Banco Masventas, announced that it will start to allow customers to use Bitcoin for cross-border payments effectively from Monday onwards, CoinDesk reports.
Masventas has partnered up with Bitex, a Latin American Bitcoin exchange startup founded in 2014 to provide a global payment system as a Swift substitute.
Manuel Beaudroit, the current Bitex Chief Marketing Officer mentioned that this will reportedly be the first time a domestic bank utilises the cryptocurrency for cross-border payments.
While the new contract had not been officially launched during the time of interview, Beaudroit claimed that the bank plans to use Bitcoin for real-life customer transactions in the near future.
“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.”
The principal shareholder of Banco Masventas Jose Dakak explained that the new contract stems from the bank’s objectives to improve its digital and mobile services and cut down on the servicing costs.
He told CoinDesk, “One of the actions was to contract Bitex as a strategic partner in the implementation of the Bitex platform for payments and collections operations for our clients abroad.”