Gemini cryptocurrency exchange website
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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.”

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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.

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