In Brief:
- BanColombia teams up with the Crypto exchange Gemini to allow users in Colombia to trade crypto.
- As a part of this partnership, Colombians will be able to buy cryptocurrencies such as Bitcoin, Ethereum directly from their bank accounts.
- The country’s finance regulator will run a one-year pilot program which will allow users a seamless and secure access to crypto.
BanColombia, Colombia’s largest bank has teamed up with crypto exchange Gemini to allow crypto trading for citizens of Colombia.
From 14 December, Colombians will be able to buy cryptocurrencies such as Bitcoin, Ethereum directly from their bank accounts.
A one-year pilot program is undertaken by the Financial Superintendence of Colombia. As a result of this, a limited number of Bancolombia clients will be able to purchase cryptocurrencies like Bitcoin, Ethereum, Litecoin, or Bitcoin Cash from their accounts.
As per the plans, Bancolombia will manage client’s fiat funds, and Gemini will provide both the infrastructure for the exchange and safe keeping of cryptocurrencies, for withdrawals, deposits, or holding of assets. Thus, users will be provided with a seamless and secured access to crypto.
Calling the partnership a strategic expansion of “Gemini’s presence in Latin America”, Cynthia Del Pozo, an official at Gemini commented, “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.”
As for the crypto exchange Gemini, it had recently raised $400 million in an equity funding round resulting in a $7B valuation of the platform. And thus, has been planning to explore the metaverse with its funds.
