The New York-based cryptocurrency exchange Gemini has announced a partnership with Colombia’s biggest bank Bancolombia to bring crypto trading to its customers.
Gemini, a New York-based cryptocurrency exchange, has announced plans to expand in Latin America by collaborating with Colombia’s biggest bank, Bancolombia.
The cooperation will begin on Dec. 14 and allow Bancolombia-based clients to trade four crypto assets: BTC, ETH, LTC, and Bitcoin Cash (BCH) (BCH).
A limited number of Bancolombia customers will be able to acquire crypto straight from their bank accounts thru the Gemini platform, which will offer crypto-specific infrastructure for trading and storing assets. It’s not clear whether customers will be able to withdraw their cryptocurrency holdings straight from their accounts.
In a press release announcing the cooperation on December 6, Gemini noted that it “serves as a significant step toward the strategic growth of Gemini’s footprint in Latin America.”
Borders don’t limit cryptocurrency, and we want to make it easier for people worldwide to use it. We think that crypto can play an important role in the growth of Latin America as people become more interested in blockchain and other new technologies.
The partnership will be part of a year-long pilot programme run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia. This is a way for the regulator to see how the partnership will work.
Bancolombia, a leading financial group with headquarters in Bogotá and offices throughout Latin America, provides specialized financial, securities, trade and banking services to the business community.
The bank operates through four business areas: Retail Banking; Commercial Banking; Investment Banking, and Corporate & Institutional Banking. Its stock is listed on both the Bogotá Stock Exchange (NYSE) and Bolsa de Valores de Colombia: NYSE – “BCOL/BVC”.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.