Gemini, one of the leading global crypto exchanges, has successfully partnered with Colombia’s largest bank Bancolombia to expand crypto services in the country.
In a November 6 announcement, the New York-headquartered crypto exchange confirmed a successful partnership with Bancolombia to expand crypto services in Colombia.
The new partnership, which is expected to take effect on December 14, will allow Bancolombia customers to trade a series of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Bancolombia customers can now buy crypto directly from their accounts through the Gemini exchange, which will provide crypto-specific infrastructure for exchange and custody of assets.
However, the exchange has not specified whether users will withdraw the crypto holdings directly from their accounts.
Gemini stated that the new partnership serves as a significant step towards the strategic expansion of Gemini presence in Latin America:
“We believe that crypto can play an important role in the development of Latin America as interest in blockchain and an innovative technology proliferates throughout the region.”
Gemini has obtained an operating license from Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), to run a one-year-long government-backed crypto pilot program.
The regulatory sandbox, “la Arenera,” was initially approved by the Ministry of Finance and Public Credit in September last year.
Earlier this year, SFC announced that it had selected 9 out of 14 crypto exchanges, including Gemini, Binance, and Mexican exchange Bitso, for the project.
Since El Salvador warmly adopted Bitcoin as legal tender in September 2021, many nations in Latin America have made long strides towards mainstream adoption of digital assets.
Interestingly, Gemini currently operates in over 60 countries, including Argentina, Brazil, Chile, El Salvador, Panama, Peru, and Uruguay in Latin America.
On the other hand, Gemini’s co-partner Bancolombia has active branches in Colombia, Panama, Guatemala, and El Salvador and has an estimated 17.8 million users, according to an internal report last year.
In March 2021, Banco de Bogotá, Colombia’s oldest bank, announced that it would also start a pilot program for crypto services.