Bancolombia, Colombia's largest bank, has joined forces with New York-based crypto exchange Gemini, the crypto platform owned by the Winklevoss brothers has announced.
According to the announcement, starting next December 14, Bancolombia customers will be able to trade 4 cryptocurrencies: Bitcoin, Ether, Litecoin and Bitcoin Cash.
A limited number of users will be able to buy cryptocurrencies directly from their Bancolombia bank accounts through Gemini, which will be in charge of both the exchange and custody of the crypto assets.
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At the moment there is no information on whether users will be able to withdraw their cryptocurrencies directly from their accounts.
According to Gemini, the move "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."
The partnership will be implemented as part of a year-long pilot program led by Colombia's financial regulator, the Superintendencia Financiera de Colombia (SFC). The regulatory sandbox was approved by the country's Ministry of Finance and Public Credit in September 2020.