American-based crypto exchange Gemini is now authorised to offer its services in Colombia, thanks to a partnership with Bancolombia, the largest bank in the country. Its government will launch a pilot programme on 14th December; it will allow Colombian users to trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
According to Cynthia del Pozo García, the principal of strategy and corporate development at Gemini, the partnership will provide users with an on- and off-ramp system to trade cryptocurrencies. It’s not clear if traders will be able to withdraw funds from their accounts at the moment.
The deal between Gemini and Bancolombia is a result of a year-long pilot programme controlled by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC).
“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,” del Pozo García said in the official statement.
Latin America has been making strides towards crypto development since El Salvador’s president first announced the adoption of Bitcoin in the country. “We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region,” del Pozo García added.
In January, the SFC had chosen nine cryptocurrency exchanges out of 14 applicants, including Binance and Mexican-based company Bitso, to participate in the pilot programme. Binance is supposed to announce a partnership with the third-largest bank in Colombia, Davivienda, and digital payments app Powwi in the near future. Bitso will work with Banco de Bogotá, the oldest commercial banking institution in Colombia.
Currently, Gemini is available in more than 60 countries, including Argentina, Brazil, Chile, El Salvador, Panama, Peru, and Uruguay.
Gemini will soon start offering crypto trading in Colombia for customers of the country’s biggest bank, Bancolombia, as part of a government-sponsored pilot programme.
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