New York-based crypto exchange Gemini has partnered with Colombia’s largest bank Bancolombia, in a move that will see the bank’s customers allowed to trade some cryptocurrencies.
Gemini Forays Into Latin America
While the partnership was announced by Gemini on December 6, it is a huge step in the right direction for the exchange firm, even as it continues looking to spread its tentacles, deep into Latin America.
Gemini also re-established its belief that crypto will undoubtedly play an integral part in developing Latin America, especially as interests in blockchain and other innovative technologies are beginning to make their way into the region.
Of course, El Salvador put Latin America on the world map of crypto when it adopted BTC as a legal tender on September 7, and since then the region has been taking very big steps towards mainstream crypto adoption.
In October, Brazil quickly indicated interest to follow in the footsteps of El Salvador by adopting Bitcoin as a legal tender. TheCoinrise also reported in that same month, that the CEO of multicurrency investment platform Uphold believes that Latin America stands to benefit the most from crypto.
At the moment, Gemini operates in more than 60 countries, including El Salvador as expected, Argentina, Brazil, Peru, Panama, Chile, and Uruguay in Latin America.
Bancolombia on the other hand operates in El Salvador, Guatemala, Colombia, and Panama. And going by a 2020 report by Bancolombia itself, the bank boasts of 17.8 million users, a figure expected to have massively increased.
Customers To Soon Begin Crypto Trading
According to the announcement, the partnership will come into effect by December 14, when customers of Bancolombia can begin to trade 4 crypto assets including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Meanwhile, even though only a limited number of customers will be permitted to make direct crypto purchases straight from their Bancolombia bank accounts, where Gemini comes is this. The exchange will be the one to provide the necessary infrastructure for assets custody and exchange.
Also, for now, it is still unclear whether the users can also make withdrawals of their holdings worth into their bank accounts.
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