- Bancolombia, the largest bank in Colombia, has signed a deal with Gemini to offer cryptocurrency trading services.
- Citizens could access crypto trading services using their bank accounts as of 14 December.
- Meanwhile, the first year will have crypto assets limited to BTC, ETH, LTC, and BCH.
Colombian citizens might soon buy digital coins using their bank accounts, starting 14 December. Bancolombia, the nation’s leading bank, has partnered with Gemini, a crypto exchange, to offer cryptocurrency services.
Colombia Boosts Cryptocurrency Adoption
Colombian residents will soon utilize their bank accounts to purchase their favorite digital assets. Gemini exchange revealed completing the implementation phase process, necessary for the citizens to buy digital coins via money in Bancolombia accounts.
Gemini will offer the infrastructure for the crypto exchange and custody of cryptos for deposits, withdrawals, and holding of this new asset class. Bancolombia will monitor the customers’ pesos funds, the nation’s official currency.
Gemini principal and strategy leader Cynthia Del Pozo said the partnership is among the vital steps for the exchange’s expansion into the Latin American marketplace. The company aims to support the crypto ecosystem in Colombia and empower residents to manage their financial freedom.
The Colombian bank had more than 16 million users last year, while overall assets amounted to $256.76 billion. The partnership move is among the country’s new regulatory sandbox that has proceeded deliberately since its introduction in April. Colombia implemented the sandbox to support innovations in the financial sector. Moreover, it benefits new firms wanting to test their business’s viability.
Residents in Colombia can buy digital coins starting 14 December. Nevertheless, users can purchase limited assets for the initial year. They include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Furthermore, the Financial Superintendence of Colombia, the country’s monetary regulator, will oversee the program.
Institutions trust cryptocurrency will define the financial space in the future. Many organizations have expressed their interest in this new asset class. For instance, El Salvador continues to buy BTC dip after legalizing the crypto this year.
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