Bank of Columbia jointly with Gemini to open access to cryptocurrencies for clients

Briefly:

  • The famous Colombian bank signed contract with Gemini
  • This will give customers the opportunity to buy 4 types of cryptocurrencies
  • Gemini say this is just the beginning of their long expansion into Latin America

From 22 December Gemini cryptocurrency exchange will start working with the largest Colombian bank Bancolombia. Initially, this will allow clients to trade 4 assets: Bitcoin (BTC), Ether (ETH), litecoin (LTC), bitcoin cash (BCH), and buy them directly from their bank accounts.

Gemini conquers Latin America

In a press release, Gemini stated that they perceived the new project as “an important milestone on the path to Gemini’s strategic expansion in Latin America.” They hope that cryptocurrencies “will play an important role in the development of this region.”

Colombian financial regulator Superintendencia Financiera de Colombia (SFC) will oversee the work of the partners. In Colombia, there is a pilot program for the introduction of cryptocurrencies “la Arenera”. It was approved by the Ministry of Finance back in 2020. The SFC has already given permission for several crypto exchanges to operate in the country – in particular, these are the giants Gemini and Binance, as well as the Mexican exchange Bitso.

Latin America loves cryptocurrency

Latin America is experiencing a real crypto boom. Almost every day we receive news from El Salvador – this country has accepted BTC and is now planning to build the first bitcoin city that extracts coins from the energy of the volcano.

Gemini crypto exchange is now operating in many countries Latin America. These are Argentina, Brazil, Chile, El Salvador, Panama, Peru and Uruguay.

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