Bancolombia, Colombia’s largest bank, will offer cryptocurrency trading to clients as part of a pilot program under a regulatory framework established by the country’s financial regulator, Superintendencia Financiera de Colombia (SFC). Colombian bank customers will be able to exchange bitcoin, ether, litecoin, and bitcoin cash.
Bancolombia to Offer Cryptocurrency Trading to Clients in Regulatory Sandbox
Bancolombia, Colombia’s largest bank in terms of total assets, is set to offer cryptocurrency exchanges to clients in partnership with the Gemini cryptocurrency exchange, a New York-based trust company and a depository regulated by the New York State Department of Financial Services.
Cynthia Del Pozo Garcia, head of strategy and corporate development at the exchange, announced on Monday that from December 14:
Gemini and Bancolombia will launch a partnership to provide an initial cohort of Colombian bank customers with a seamless entry and exit ramp to trade bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH) via the Gemini exchange.
The partnership with Bancolombia “is also an important step towards the strategic expansion” of its presence in Latin America, Gemini noted.
The exchange added:
Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, Superintendencia Financiera de Colombia (SFC), and will provide users with transparent and secure access to crypto.
In January, the Superintendencia Financiera de Colombia announced that nine crypto initiatives would be allowed to test their products in the regulatory sandbox of La Arenara.
Besides the Bancolombia and Gemini partnership, other partnerships in the sandbox are Banco de Bogotá and Bitso; Banco de Bogotá and Buda; Coltefinanciera and Obsidiam; Davivienda and Binance; Powwi and Binance; Coink and Banexcoin; Movii and Panda; and Movii and Bitpoint.
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