Gemini partners with Colombia’s largest bank for crypto transactions

Gemini, a New York-based cryptocurrency exchange, announced that it will expand its business to Latin America through an upcoming partnership with Colombia’s largest bank Bancolombia.

The partnership will take effect on December 14 and will allow customers from Bancolombia to trade 4 types of crypto assets: Bitcoin (Bitcoin), ether (Ethereum), Litecoin (LTC) And Bitcoin Cash (Bitcoin cash).

A small number of users will be able to purchase cryptocurrency directly from their Bancolombia bank account through the Gemini exchange, which will provide cryptocurrency-specific infrastructure for asset exchange and custody. It is not clear whether users can directly withdraw encrypted assets from their accounts.

On December 6th announcement Regarding the partnership, Gemini said it “is an important step in Gemini’s strategic expansion in Latin America.”

“We believe that with the surge in interest in blockchain and innovative technologies across the region, cryptocurrencies can play an important role in the development of Latin America.”

The partnership will be part of a one-year pilot program launched by the Colombian financial regulator Superintendencia Financiera de Colombia (SFC).The regulatory sandbox “la Arenera” is Approved by the Ministry of Finance and the Ministry of Public Credit September 2020.

In January of this year, the Securities Regulatory Commission announced that it had selected 9 of the 14 cryptocurrency exchanges that applied for the project, including Gemini, Binance, and the Mexican exchange Bitso.

since El Salvador adopts BTC as legal currency On September 7, Latin America has made strides towards mainstream cryptocurrency adoption. In October, CEO of Uphold, a multi-currency investment platform JP Thieriot told Cointelegraph Latin America will “benefit the most from encryption.”

Gemini currently operates in more than 60 countries, including Argentina, Brazil, Chile, El Salvador, Panama, Peru and Uruguay in Latin America.

related: Blockchain.com acquires SeSocio to consolidate business in Latin America

Bancolombia has operations in Colombia, Panama, Guatemala and El Salvador.According to internal report Since last year, it has 17.8 million users.

In March of this year, Bank of Bogota, the oldest bank in Colombia, also announced that as part of la Arenera, it will also trial encryption services. One year ago, in March 2020, Cointelegraph report Latin America is the region with the third largest cryptocurrency users in the world.

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