Banco Masventas, a bank in Argentina, will be allowing its clients to send cross-border payments using the cryptocurrency bitcoin starting on Monday.
This effort was made possible through a partnership with exchange startup Bitex. Banco Masventas will be using the cryptocurrency in place of the traditional Swift.
In an interview with CoinDesk, Bitex Chief Marketing Officer Manuel Beaudroit said that this partnership has reaped the first ever bitcoin adoption by a domestic bank for use in cross-border payments.
This move is part of the bank’s effort to improve on its digital services while also lowering costs of service.
Beaudroit says that Banco Masventas is planning on using bitcoin for real customer transactions.
“The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider. For the customer, it’s transparent, they don’t touch, they don’t see the bitcoin. We are a provider for them, and they are not touching bitcoin,” said Beaudroit.