Gemini to Allow Crypto Trading in Colombia Under Government-Sponsored Pilot Program

The company plans to offer bitcoin, ether, litecoin and bitcoin cash trading in partnership with local bank Bancolombia starting in December.

AccessTimeIconDec 6, 2021 at 6:25 p.m. UTC
Updated Dec 6, 2021 at 8:13 p.m. UTC

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

U.S.-based cryptocurrency exchange Gemini plans to allow users in Colombia to trade crypto through a partnership with its largest private bank, Bancolombia.

Starting on Dec. 14, Gemini will allow a select group of Bancolombia’s users to trade bitcoin, ether, litecoin and bitcoin cash through an on-and-off-ramp, Cynthia del Pozo García, Gemini’s principal of strategy and corporate development, announced on Monday.

The partnership between Gemini and Bancolombia is part of a year-long, government-sponsored pilot program to test banking services for crypto platforms.

In January, Colombia’s financial watchdog, the Financial Superintendency of Colombia (SFC), announced that it chose nine crypto exchanges (out of 14 applicants) for the project, including Gemini, Binance and the Mexican exchange Bitso.

“The partnership also serves as an important step toward the strategic expansion of Gemini’s presence in Latin America,” del Pozo García said in a statement and invited other Latin American institutions to explore opportunities in the region.

Bancolombia is a commercial bank belonging to the holding company Grupo Bancolombia, which has operations in Colombia, Panama, Guatemala and El Salvador, and serves 17.8 million users, according to its 2020 report.

Bancolombia is Colombia’s largest bank by assets and Tier 1 capital, according to The Banker.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.