Gemini launches crypto trading with Colombia’s largest bank

Pilot project: The Gemini crypto exchange is working with the largest bank in Colombia to offer crypto trading.

The cryptocurrency exchange Gemini will soon be trading cryptocurrencies in Colombia for customers of the Bancolombia Bank to offer. This is possible from a message the exchange of this Monday emerged. However, it does not say whether customers will also be able to withdraw funds. Of course, this would be the crucial step in ensuring financial sovereignty. Instead, it says that starting December 14, selected Bancolombia customers will have seamless access to trading BTC (BTC), Ether (ETH), Litecoin (LTC) and BTC Cash (BCH) via the Gemini exchange. The Bancolombia is after all the largest bank in the country.

Gemini describes the partnership as part of a one-year pilot program run by the Colombian Financial Authority Superintendencia Financiera de Colombia (SFC).

The partnership is also an important step in strategically expanding Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and supporting crypto products that enable Colombians to take control of their financial lives

, writes Cynthia Del Pozo, director of strategy and corporate development at Gemini. In January announced the SFC that she had selected nine cryptocurrency exchanges from 14 applicants to participate in the pilot project.

Is Colombia following El Salvador as an example?

In addition to Gemini are also still Binance and the Mexican company Bitso are also involved. Binance will partner with the third largest bank in Colombia, Davivienda, and the digital payment app Powwi. Bitso, on the other hand, cooperates with the Banco de Bogotá. The crypto adaptation is definitely on the advance in Colombia. It fits into the picture that the Colombian Senator Mauricio Toro announced “comprehensive regulation for trading in crypto assets” in August. It is quite possible that the government will soon take an example from the adaptation in El Salvador.