Colombia’s largest bank is partnering with Gemini to offer BTC and ETH

Colombia’s largest bank is partnering with Gemini crypto exchange to offer Bitcoin and Ethereum to their customers, and customers can now purchase crypto from their bank accounts in minutes. Let’s find out more in today’s latest crypto news.

Colombian residents can buy cryptocurrencies like BTC directly from their bank accounts. The decision was made in the context of Colombia’s new regulatory sandbox, which marks the beginning of a journey on which other banking institutions are beginning to offer crypto services to their customers through agreements with leading crypto companies. Colombia’s largest bank will allow its citizens to buy cryptocurrencies through their bank accounts from December 14th thanks to an agreement with Winklevoss’ own cryptocurrency exchange Gemini.

A limited number of Bancolombia customers can purchase ETH, BTC, LTC or Bitcoin Money from their accounts as part of a one-year pilot program. The program is overseen by the country’s financial regulator – the Colombian CFO. Bancolombia will manage client funds, while Gemini will provide the infrastructure for the exchange and custody of cryptocurrencies to deposit, withdraw or hold assets. Cynthia Del Pozo, Head and Corporate Development Director at Gemini said:

Bancolombia will manage customers’ fiat funds, while Gemini will provide the infrastructure for exchanging and custody of cryptocurrencies, be it for withdrawals, deposits or holding assets.

“This partnership is also an important step in the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and supporting crypto products that enable Colombians to take control of their financial lives. ”

Colombia’s regulatory sandpit is quite unique, but it has been slow since the beginning of April. Only one of nine projects approved beyond the planning stage as the MOVii Bitpoint initiative integrates both platforms so that users can buy crypto on Bitpoint using their fiat accounts. The joint project Bancolombia and Gemini is the second of nine ongoing projects and the first in which the leading cryptocurrency exchange is involved. Although Bitso and Binance have tied their names to other projects, no progress has been made beyond the initial design phase.

Meanwhile, the MOVii and Bitpoint 2000 initiative surpassed active users, reporting nearly $ 500 million in cryptocurrency funds in November. MOVii CEO Hernando Rubio said: The startup is working on a new integration with the Latin American crypto exchange Ripio to strengthen its customer base and the services it offers.