Banco Bisa, one of Bolivia’s largest banks, announced last week the launch of its crypto custody service, making it the first regulated financial institution in the country to do so.

Solely supporting the stablecoin Tether (USDT), the service enables customers to buy, sell, and transfer crypto directly through their bank accounts, local media reported Thursday.

It follows a weakening currency in Andean countries. Last month, inflation in the country hit its highest point in nearly 10 years, driving up the demand for U.S. dollars.

Banco Bisa’s vice president of business, Franco Urquidi, told local press at the time the function would allow people to send money to relatives abroad. 

“Our clients go through a rigorous verification process, giving them peace of mind that their transactions are carried out through secure and reliable channels,” Urquidi said, per a rough translation of local media reports.

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Author: Mathew Di Salvo