87
“In order to access the service, customers must prove that they understand cryptocurrencies” by Saori Honorato
Bancolombia, the largest banking institution operating in Colombia, has just entered into a partnership with the American brokerage firm Gemini to offer direct purchase of bitcoin and other cryptocurrencies to selected customers. The collaboration between the Colombian bank and the exchange, which is currently the 10th largest in the world in terms of traded volume, will take effect on December 4th. At first, the service will only be available to a closed group of customers who will be able to take advantage of the new bridge between exchange and bank to trade Bitcoin
According to the exchange's communique published on Monday (6), the partnership will be valid for a year under a sandbox promoted by the Superintendencia Financiera de Colombia (SFC), the main regulator of the financial market in the Latin American country. The idea is for customers to use the balance stored in the bank in their savings or checking account to complete the purchase of cryptocurrencies at Gemini through an account associated with the financial institution. “This means that Bancolombia does not intervene in the cryptoactive negotiation process, but will serve as a channel to facilitate it,” explained Cristina Arrastia, vice president of Business at Bancolombia in a press release.
The pilot program will have four phases of implementation and is aimed at covering 5,000 customers, as defined by the regulators. To access the service, the customer must undergo a screening that measures their level of knowledge about cryptocurrencies. The partnership announced today is the result of a pilot program promoted by the Colombian government at the beginning of the year, which is studying the feasibility of implementing cryptocurrencies in the country's financial system.
Gemini in Latin America
Gemini was part of a group of new exchanges selected earlier this year to test its solutions in the region, a list that also includes competitors such as and Bitso. While the partnership demonstrates an opening up of the traditional Colombian banking sector, Gemini's strategic expansion in Latin America is also signaled, a region already explored by most of its global competitors. “We are excited about the growth opportunities in Latin America, one of the most promising international markets for the adoption of cryptocurrencies,” said Cynthia del Pozo Garcia, director of strategy and development at Gemini. "We look forward to working closely with the Colombian crypto ecosystem and supporting products that empower people to take control of their financial lives."
????Thanks for Supporting Gratitude.
????Follow me on Metaverse Torum and start earning your XTM tokens????
????https://www.torum.com/signup?referral_code=dygo88
????Buy and sell your crypts at
https://accounts.binance.com/pt-BR/register?ref=35959315
