Bitcoin [BTC] along with other crypto-assets will soon make its entry into the Columbian market. As per a recent press release, Colombia’s biggest bank, Bancolombia is all set to join hands with US-based trading platform Gemini to enable crypto trading for its customers. The partnership is scheduled to take place on December 14 this year and will allow users from Bancolombia to trade initially in 4 assets: Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH].
According to the blog post, a limited number of users will be able to purchase the assets directly from their Bancolombia bank accounts through the Gemini platform, which will provide the necessary infrastructure for exchanging and owning the assets. However, It is not specified if the users will be able to withdraw the crypto holdings directly from their accounts or not.
The collaboration with Gemini is scheduled to run as part of a year-long government-funded pilot program managed by Colombia’s financial regulator, the Superintendencia Financiera de Colombia [SFC]. Cynthia Del Pozo, Exec at Gemini noted,
The partnership also serves as an important step toward the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and to supporting digital products that empower Colombians to take control of their financial lives.
Crypto is borderless by nature, and we are committed to expanding access to individuals across the globe. We believe that digital asset industy can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.
The latest announcement demonstrates the growing popularity of digital assets in the region. As a matter of fact, Latin America ranked among the top on the number of crypto users in the world according to a report published by Statista Global Consumer Survey in 2019.
When did Cryptocurrency started gaining foothold in Latin America?
Crypto adoption has been gaining a tremendous foothold in Latin America after El Salvador announced Bitcoin as a legal tender back in September, this year. Just a week ago, Singaporean trading entity Crypto.com announced to become an official partner of CONMEBOL Copa Libertadores, the highest level of the club in South America’s soccer competition.