RATE Group | Argentinian Bank Launches Cross-Border Payments Through Bitcoin Network
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Argentinian Bank Launches Cross-Border Payments Through Bitcoin Network

23 May Argentinian Bank Launches Cross-Border Payments Through Bitcoin Network

Posted at 11:07h in Bitcoin News by

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The Argentinian Banco Masventas has launched a plan that will allow its customers to send cross-border payments via the Bitcoin network. The service is set to be available to send payments between 50 countries; each transaction will be executed in 24 hours or less.

The move is a result of a partnership with Bitex, a crypto exchange startup targeting Latin American users. Banco Masvestas is believed to be the world’s first bank to use Bitcoin as an international payments standard, similar to the SWIFT clearing network.

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An informational page about the new service on Masvestas’s website explained that “the service allows you to reduce costs associated with international transfers as there are no international banks [serving] as intermediaries.” (Translated quote.)

 

The initiative was reportedly inspired by the bank’s desire to build up its digital services and to lower costs. Masventas’ principle shareholder, Jose Dakak, added that…

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