Colombia’s largest bank has announced that starting December 14 customers will be able to trade popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on its platform through a partnership with the New York-based Gemini cryptocurrency exchange.
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
Partnering with Colombia’s largest bank, Bancolombia, Gemini plans to roll out a crypto option for an initial cohort of customers as part of a one-year pilot program run by Colombia’s financial regulator Superintendencia Financiera de Colombia (SFC):
“A limited number of users will be able to buy crypto directly from their Bancolombia bank accounts through the Gemini exchange,” the company said in a statement.
Recommended for You
“The partnership also serves as an important step toward the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and to supporting crypto products that empower Colombians to take control of their financial lives.”
Earlier this year, the SFC selected nine crypto exchanges for the pilot project, including Gemini, Binance, and Mexico’s Bitso.
Although the exchange will create the crypto infrastructure for transactions, it currently remains unknown if bank customers will be permitted to carry out crypto withdrawals.
Gemini operates in more than 60 countries, including Latin American nations like Argentina, Brazil, Chile, El Salvador, Panama, Peru, and Uruguay. The company says its partnership will enable it to provide seamless and secure access to crypto, and added that Latin America was among the world’s most promising regions for crypto adoption.