Gemini and Bancolombia to Enable Crypto Trading in Colombia
- Starting 14 December, Bancolombia clients will be able to trade four crypto assets, namely BTC, ETH, LTC, and BCH.
- The partnership is part of a year-long pilot program run by Colombia’s financial regulator SFC to test banking services for crypto platforms.
Shutterstock
U.S.-based cryptocurrency exchange Gemini is entering into a partnership with Colombia’s largest bank to expand its presence in Latin America, the company said in a blog post on 6 December.
According to the announcement, the partnership will take effect on 14 December, and will enable a select group of Bancolombia’s users to trade four crypto assets, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Gemini also said the collaboration “serves as an important step” towards the exchange’s expansion into Latin America. Gemini’s principal of strategy and corporate development, Cynthia del Pozo García, said in a statement:
“Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe. 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.”
As part of the partnership Gemini will provide the crypto-specific infrastructure for exchange and custody of assets, enabling Bancolombia clients to buy crypto directly from their bank accounts, though it remains unclear if users will be able to withdraw their holdings.
The collaboration between Gemini and Bancolombia is part of a year-long government-sponsored pilot program to test banking services for crypto platforms. Called “la Arenera”, the regulatory sandbox is ran by the Superintendencia Financiera de Colombia (SFC), which back in January selected nine crypto platforms — including Gemini, Binance, and Bitso — to participate in the project.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
Shutterstock
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.