Banco Masventas, Argentina, will allow its customers to make cross-border payments using bitcoin.
Bitcoin will replace SWIFT
The bank will use BTC as an alternative to SWIFT in the performance of international payment transactions. To implement the conceived Banco Masventas has entered into a partnership with the Bitex crypto exchange, which is focused on the countries of Latin America.
Bitex’s marketing director, Manuel Baudreuth, said that this is the first time that the Argentinean bank started using bitcoin as a means of conducting cross-border payments.
Benefits of using bitcoin: reducing costs and upgrading mobile services
Jose Dakak, Masventas’ main shareholder, noted that this step will allow the company to improve its digital, smartphone-centric services, as well as reduce the cost of selling banking services.
The service was launched today, and so far no real transactions have been carried out with it, however, according to Bayreuth, the use of bitcoin bank will begin very soon.
“When customers will need to make international payments, the bank will use Bitex as a provider. For customers, all actions at any stage of the translation will be as transparent as possible, thanks to the technology of the blockchain. “