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Argentina’s Ualá wallet incorporates bitcoin and Ethereum

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Key facts:
  • The service is now enabled for “most loyal users.”

  • For the time being, withdrawals or transfers of cryptocurrencies purchased on Uala are not possible.

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Ualá, a digital wallet that allows people to store and make payments with Argentine pesos, has incorporated bitcoin (BTC) and Ethereum’s cryptocurrency, ether (ETH).

“Cryptocurrencies are coming to the Ualà app,” reads from today, Nov. 4, in the website of fintech. “You can be among the first to have access to the new product in our ecosystem,” the company adds.

Pierpaolo Barbieri, founder and CEO of Ualá, detailed which service is now available for “most loyal users.”. He explained that the incorporation is due to customer requests. It will later be enabled for all Ualá accounts in Argentina.

According to comments By users on social networks, only the buying and selling of cryptoassets is available, but not their withdrawal in a wallet.nor transfers between Ualá accounts. In other words, they are only useful as a financial investment.

This may change in the future. A twitter asked him Barbieri when they would add the Bitcoin’s Lightning network (which enables low-cost transfers) and the entrepreneur’s response was, “The best is yet to come.”

The incorporation of bitcoin and ether into Ualá is surprising considering that Barbieri had repeatedly been critical of-though not necessarily opposed to-these financial instruments. For example, as reported by CryptoNews, in January 2021, had said. that “BTC is not a currency, nor will it be.” However, he did not rule out that it could play a role as a “secondary store of (volatile) value, like digital gold.”

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