Outside of crypto exchanges, financial companies such as brokers and Alycs show interest in offering cryptocurrencies to their users and the regulation offers a brand to do so. This week Investing in the Stock Market (IOL) announced IOL crypto and its CEO explains the reasons for adding these assets to its value proposition.
2024 has been a positive year in regards to Regulation for the Argentine crypto industry. On March 26, Law 25,246 on “Prevention of Money Laundering and Financing for Terrorism” was approved by the National Congress, which includes a section for companies in the sector with local operations. From this, the characteristics and deadlines of theRegistry of Virtual Asset Service Providers (PSAV) and currently companies are working to join it.
Meanwhile, this process is viewed favorably by other market players seeking to join the crypto. It recently happened with the broker Cocos Capital and, this week, the IOL (Invest in the Stock Market) platform officially joined, which had already started the process to add crypto assets to its portfolio in 2023 when it announced an alliance with Ripio.
“I think that the PSAV registry is a first step in that line, and I also think that we are in a pro business context. “My impression is that today the daily agenda does not allow the authorities to look much beyond the daily emergencies, but that as things are more organized and settled, we will see more measures aimed at improving business conditions,” explainedDiego Pizzulli, CEO of IOL Inversiones, to Forbes Argentina. And he added: “Crypto is an industry that, contrary to popular belief, calls for regulation. To the extent that it is a reasonable and intelligent regulation, it eliminates uncertainty and thus generates more investments and more users. I think that the authorities are clear about this and that they are interested in working along these lines.”
IOL’s crypto offering
IOL crypto is an initiative that allows its clients to buy and sell cryptocurrencies and USD coin. Expanding its product offering, from the IOL Inversiones APP users will be able to continue investing in the capital market at IOL inversionesonline, and, from now on, trade cryptocurrencies through IOL crypto.
“We are very aware of the use that people make of cryptocurrencieswhether it’s as a dollarization tool via stablecoins or investment such as the purchase of Bitcoin, Ethereum and the other cryptocurrencies. Crypto was the most requested product by our clients for a long time and today we are very happy to be able to provide it to them. Our commitment is to continue being the No. 1 investment platform in Argentina and adding this possibility is in line with that objective,” Pizzulli told this medium.
Access to IOL crypto through the IOL Inversiones app will be progressive for its clients. Users who have an active account, as the days go by, will have the option to operate this new product, while for new clients, IOL crypto will be available and they will be able to invest, deposit and transfer. cryptocurrencies. Currently, more than 400,000 people have this new function in the IOL Inversiones app, and as the days go by it will become available to one million clients.
“Today we have 15 cryptocurrencies: Bitcoin, Ethereum, Solana, Litecoin, Mana, Matic, Tron, Uniswap, Worldcoin, Aave, USDT, USDC, UXD, DAI, and Paxos Gold. These last 5 are stablecoins, of which 4 are tied to the value of the dollar and 1 to the value of gold. We are going to continue incorporating new currencies and, in turn, the corresponding networks so that they can not only be bought and sold, but also sent and received,” the CEO of IOL explained. “We have a partnership with Ripioleader of the crypto market not only in Argentina but also in the region and with more than 10 years of experience in the industry,” he added.
Finally, Pizzulli commented that Expectations are high because it is a product highly demanded by its customers.. “At IOL we have more than 1,400,000 open accounts, of which more than 90% are ‘retail’ clients, that is, not investment experts, who mostly take their first steps in the world of investments with us. We expect high adoption and we know that as they get to know the platform, interact and see how easy it is to use, many more will be encouraged to use it,” he stated. And he concluded: “Many of our clients with less experience in investments have long been curious and eager to get into crypto and this is the ideal platform to do so, so we hope that both professional and less experienced investors will quickly adopt it. Being able to serve both types of users with a product tailored to both is what distinguishes us and makes us the best investment platform.”
