Banco Masventas from Argentina announced that starting it will allow its customers to send cross-border transfers using bitcoin, CoinDesk reports.
The regional bank entered into an agreement with the Latin American exchange Bitex, founded in 2014, and will use bitcoin as an alternative to Swift.
The representative of the exchange said that this cooperation was the first example of the use of bitcoin by a local bank for cross-border payments.
The main shareholder of Banco Masventas, José Dacak, said that the latest solution will contribute to the development of digital banking services, including those targeted at mobile devices, and will reduce the cost of servicing cross-border payments.
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.
Principal shareholder, Banco Masventas
The bank has not yet committed transactions using Bitcoin, as the service starts to operate only today, Bitex representative explained.