Friday, January 28

Bancolombia to offer bitcoin with Gemini exchange

Key facts:
  • From next December 14, 4 cryptocurrencies will be able to be operated in Bancolombia.

  • In partnership with Gemini, it will feature bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).

From December 14, 2021, Bancolombia clients will be able to operate four cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH). This was reported by the Gemini exchange, after signing an agreement with said Colombian bank.

At ad, Gemini declared that the initiative was born as part of its expansion strategy in Latin America. Its headquarters are in New York since the founding of its cryptocurrency trading platform in 2014, and it is regulated as a custodian by the state Department of Financial Services.

At Gemini, we are excited about the growth opportunities in Latin America, one of the most promising international markets for crypto adoption.

Cynthia Del Pozo García, director of strategy and corporate development at Gemini.

Bancolombia and Gemini join forces with the Financial Superintendency of Colombia

The alliance between Bancolombia and Gemini is part of a pilot program led by the Financial Superintendency of Colombia (SFC). The project aims to provide access to cryptocurrencies in a simple and secure way for a period of one year.

The alliance with Bancolombia is part of Gemini’s strategy to expand its cryptocurrency services to Latin America. Source: Gemini.

The Financial Superintendency of Colombia has been taking multiple actions during the year to boost the bitcoin ecosystem. Recently, CriptoNoticias reported that Jorge Castaño, the regulatory chief, declared that he hopes that exchanges can open accounts in banks in the country.

The exchange’s director of strategy and corporate development, Cynthia Del Pozo García, said: “We look forward to collaborating with the Colombian crypto ecosystem and supporting products that allow Colombians to take control over their financial lives.”

The company took advantage of the statement to also invite other Latin American institutions to join them if they intend to venture into the cryptocurrency industry. “Cryptocurrencies have no borders and we are committed to expanding access to them globally,” said Cynthia.

He also added that they trust that the cryptocurrency ecosystem «will have an important role in the financial development of Latin America as interest in blockchain and innovative technologies grows in the region. ‘

While Gemini’s focus is on the United States, this demonstrates the bitcoin exchange’s interest in taking more territory in Latin American countries. Other international companies that offer to buy and sell cryptocurrencies, such as Binance, also made this same move years ago.