New York-based cryptocurrency exchange Gemini has revealed a new partnership with Bancolombia, Colombia’s largest bank.
The partnership will take effect on Tuesday, December 14, allowing the bank’s customers to access and trade four different crypto tokens, including Bitcoin Cash, Bitcoin (BTC), Ether and Litecoin.
The bank will also allow a fixed number of users to buy crypto from Bancolombia with the help of the Gemini exchange. However, there have been no details released as to whether users will be able to withdraw the cryptocurrencies they have purchased this way.
A statement from Gemini said: “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 reflects on Colombia’s grander ambition to adopt cryptocurrencies. Presently, Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), is running a pilot program designed to seek broader adoption of crypto assets in the country. Previously, Banco de Bogotá became the country’s first commercial bank to extend crypto services.
Gemini and Binance are two of the crypto exchanges that were listed and approved by the Ministry of Finance and Public Credit as fit to run operations on the territory of the country.
Colombia is not the only country in Latin America that is looking to ramp up its involvement with cryptocurrencies. El Salvador released BTC as a legal tender earlier this year and has obligated citizens to make a hard switch to the cryptocurrency.
Meanwhile, Bancolombia’s pilot test in Colombia may not be limited to the country alone. The bank operates in other countries in the regions, including Guatemala, Panama, and El Salvador. It has some 17.8 million users.