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US-based crypto exchange Gemini announced further moving into South American by a new partnership with Colombia’s largest bank, Bancolombia.
The partnership will run as part of a year-long pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC) and will take effect December. 14.
A limited number of users will be able to trade 4 crypto assets, Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), directly from their Bancolombia bank accounts through the Gemini exchange. The exchange will integrate the systems and put the crypto-specific infrastructure for exchange and custody of assets in place. Whether users will be able to withdraw their cryptocurrencies directly from their accounts was not revealed.
In the partnership announcement, Gemini said:
“This serves as an important step toward the strategic expansion of Gemini’s presence in Latin America.
We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.”