Colombia’s Largest Bank To Add Cryptocurrency Trading Capability

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Gemini cryptocurrency exchange has entered into a partnership with the largest bank in Colombia, Bancolombia, under which the bank’s clients will have access to digital asset trading.

The exchange said in a statement that Bancolombia clients will have access to cryptocurrency trading as early as December 14th. At the same time, the range of digital assets will be quite limited – the bank’s clients will be able to trade BTC, ETH, LTC and BCH. At the same time, it is not yet known whether the withdrawal of purchased cryptocurrencies to other wallets will be available.

“We believe that cryptocurrencies can play an important role in the development of Latin America, as we see interest in blockchain and innovative technologies across the region,” the exchange said in a statement.

The partnership between the bank and the Gemini exchange was made possible through a pilot regulatory sandbox program launched by Superintendencia Financiera de Colombia (SFC). The country’s financial regulator has selected nine cryptocurrency firms that will be able to operate in the Colombian market.

In Latin America, Gemini is represented in the markets of Argentina, Brazil, Chile, El Salvador, Panama, Peru and Uruguay. Earlier, the CEO of Uphold, JP Thieriot, said that it was the countries of Latin America that would become the leaders in the adoption of bitcoin due to the large number of people who do not have access to banking services.

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