Gemini Ties With Bancolombia to Let Select Users Trade Digital Assets

Gemini, a leading US-based crypto exchange, has joined hands with Bancolombia, the largest private bank in Colombia, to let the country’s citizens trade digital assets. Gemini revealed this news through a blog post on December 6, noting that it would allow a select group of Bancolombia’s clients to trade multiple leading cryptos starting December 14.

According to the blog post, this project will initially let the bank’s customers buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) through an on-and-off ramp. The publication further disclosed that this project is part of a one-year pilot program run by Superintendencia Financiera de Colombia (SFC), Colombia’s financial regulator.

While this project seeks to streamline crypto access, neither Bancolombia nor Gemini disclosed how many people would be able to access it.

Commenting on this collaboration, Cynthia Del Pozo García, Gemini’s Principal of Strategy and Corporate Development, said,

“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.”

Building the future of finance

Garcia added that Gemini is committed to expanding crypto access to individuals across the globe because the technology is borderless. She further noted that Gemini believes digital assets can play a pivotal role in the development of Latin America, especially now that interest in the blockchain and other innovative technologies continues rising in the region.

Garcia remarked that the collaboration with Bancolombia aligns with Gemini’s mission to build the future of finance. She also invited Latin America-based financial institutions that plan to explore the crypto-verse to join it.

This news comes after SFC approved nine projects to help streamline crypto access in January this year. These projects feature partnerships between Colombian banks and leading crypto platforms like Binance, Bitso, Buda, MOVii, and Bitpoint, among others.  So far, only Bitpoint and Gemini have managed to kickstart operations alongside their respective banking partners.

Before Colombia, Brazil and Spain launched similar pilot programs. Brazil’s regulatory sandbox fosters fast and efficient payments, while Spain’s sandbox aims to strengthen the country’s security and compliance mechanisms.

Notably, both countries have made significant progress with their crypto plans, with Brazil looking to launch a central bank digital currency (CBDC) pilot in 2022. On the other hand, Spain aims to pilot a CBDC by 2024.