Starting today, selected Ualá users will already see “Crypto” within the app. In principle for level 6 users. Enabling for the rest of the users will be done progressively while a waiting list (waitlist) was enabled so that those who wish to have priority access can register at uala.com.ar/cripto .
How to trade cryptocurrencies in Ualá
To start using this new functionality, people must enter the “Investments” section of the Ualá application, select the “Crypto-Uanex” option and create an account in Uanex, a company in the Ualá ecosystem, which will offer the purchase and sale of crypto .
At the moment, they will have the possibility to buy and sell Bitcoins, the first and most popular crypto, and ETH, from the Ethereum network, in pesos with a minimum investment of $250. From the company they assure that it is their first step in this industry, with very ambitious plans to continue growing on this path.
“The best is yet to come,” Barbieri repeats every time he is asked in the press round about future plans. “We don’t talk about unreleased stuff,” he reinforces.
Andrés Rodríguez Ledermann, VP of Wealth Management at Ualá, pointed out: “For a long time our users have asked us for the possibility of investing in crypto in addition to being able to do it in pesos through the Ualá app. That is why we are excited to continue strengthening our ecosystem of products, with the focus on what they ask of us. We trust in the growth potential of the crypto industry and we will continue working for financial education and access to different investment alternatives in a simple and digital way”.
According to the 2022 Cryptocurrency Adoption Index presented by Chainalysis, a company specializing in blockchain analysis, Argentina ranks 13th in the world ranking of crypto use.
Within the framework of Latin America, it precedes Brazil (7th) and surpasses Colombia (15th) and Ecuador (18th). In the general table, Vietnam is the leader along with other Asian countries such as the Philippines and India, while the United States participates in the 5th position.
Aware that the subject of crypto has a high level of ignorance, Ualá not only seeks to bring millions of people closer to this alternative, but also reinforces the commitment to financial education through the Aula Ualá platform (uala .com.ar/aula), with content to explain in a simple way what the operation with these assets consists of.
Change of position towards cryptocurrencies
Pierpaolo Barbieri was always severely critical of cryptocurrencies, so the addition of Bitcoin and Ethereum to Ualá is a resounding shift in his thinking. He still has doubts about stablecoins, but does not rule out the incorporation of other cryptos in the future, describing that many users ask for Dogecoing or Polkadot, among others.
In the meeting with the press, the executive explained that his change of position was due to the fact that today the crypto market is clearer than it was until a few years ago. “We believe that there is a great future and a great deal of interest, and the moment is because we believe that it is better now than at the crest of the wave; that people who already know enter at this time, and those who do not, can learn,” he responds to the question of Ambit about the announcement that occurs when the crypto winter has not yet ended.
The operation for the moment will be available only in Argentina -Ualá also has a presence in Colombia and Mexico- and it is in association with Bitso. Commissions per trade will be variable, and the prices of each purchase and sale will be frozen for 20 seconds before being confirmed.
Ualá’s fight with the banks
For 2 weeks, from his Twitter account, Pierpaolo began a crusade against banks because they would not be respecting a Central Bank regulation that provides that the transfer limit for a CBU and a CVU (the identification of virtual wallets) is $2 millions.
According to complaints, each entity sets its own ceiling and well below what the BCRA establishes. In some cases, for example, they do not allow more than $40,000 per day.
In the talk with the journalists, he took the opportunity to renew those complaints against the banks, but he trusted that sooner or later he will ensure that the regulations are respected.