Bolivian bank launches custody service for Tether stablecoin

  • Banco Bisa, the fourth-largest bank in Bolivia, has launched a USDT custody service.
  • Cutstomers can buy, hold and send USDT from their bank accounts.

Banco Bisa, Bolivia’s fourth-largest bank, has introduced a stablecoin service aimed at bolstering security for holders as well as promoting their use in cross-border transfers.

The custody service will allow Banco Bisa’s customers to buy and sell Tether’s stablecoin USDT via their bank accounts. Bisa sees this as a scenario likely to significantly increase USDT adoption and use in the Latin American country.

Banco Bisa’s move

Per a local report, the initiative has received backing from the country’s financial watchdogs, with key benefits seen as the capacity to promote crypto within existing regulatory frameworks. More importantly, the program means users can interact with crypto at greatly reduced risks linked to the nascent crypto market.

According to Franco Urquidi, the vice president of business at Banco Bisa, the bank’s customers will have to complete a verification process. This is on the issues of know your customer and anti-money laundering, the latter among accusations Tether has vehemently denied.

Bisa’s move comes a few months after Bolivia lifted its ban on Bitcoin that lasted a decade – from 2014. The government’s crypto shift came in June 2024, with the country’s central bank noting this step as crucial to boosting the economy. The flip also means Bolivia joined many other Latin America countries in opening up the crypto space.

In a recent report, the Bolivia central bank said virtual asset trading spiked in the months after the ban was lifted. The market witnessed a 100% surge in trading, with an average $15.6 million in monthly volume between July and September.

Tether has seen steady traction in the Latin America region, with key programs and integrations including the $100 million investment in Agriculture company Adecoagro.

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POODL eyes $0.004 after surging by 4% today

Key takeaways

  • POODL is up 4% in the last 24 hours and could rally higher soon.
  • Bitcoin is approaching $69k again after adding 1% to its value over the weekend.

$POODL adds 4% as Bitcoin eyes $69k

$POODL, Poodlana’s native token, has performed well over the weekend. The token’s price is up 4% over the last 24 hours, outperforming Bitcoin and other leading cryptocurrencies.

Poodlana is trading at $0.00334 at press time and could rally higher in the coming hours or days. The Poodlana token is available to investors on several leading crypto exchanges, including MEXC, BingX, and Raydium. 

Poodlana’s rally comes as Bitcoin looks to retake the $69k level. BTC added less than 1% to its value over the last 24 hours, trading at $68,371 per coin. 

What is Poodlana?

With the cryptocurrency market performing well in the last few weeks, gems in the market continue to gain traction from investors. Poodlana is one of the promising projects in the Solana ecosystem that is attracting investors. 

As a Solana-based meme coin, Poodlana aims to introduce the glamor of high fashion to the crypto world. The project promotes the ethos of community while providing utility to users.

The team is leveraging the Poodlana breed’s popularity in Asian countries like Japan, Korea, and China to build a strong community for this project. With a strong community, Poodlana could become one of the leading Solana-based meme coins. 

Should you buy POODL today?

$POODL is down 91% from its all-time high and could be an excellent opportunity for investors to buy the tokens at a discount. The Poodlana team is working hard to introduce utility to the project as they target a market cap of at least $1 billion. 

Read more about the Poodlana project here.

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