Bitcoin
Bancolombia to offer Crypto Trading in Financial Regulator Pilot Program
Bancolombia, Colombia’s largest bank, will be offering cryptocurrency trading to customers in a pilot program within a regulatory framework established by the country’s financial regulator, the Superintendencia Financiera de Colombia (SFC). Customers of the Colombian bank can trade bitcoin, ether and litecoin.
Bancolombia to Offer Cryptocurrency Trading to Customers in Regulatory Sandbox
Bancolombia is the largest bank in Colombia in terms of total assets. It will offer cryptocurrency trading to customers through a partnership with Gemini, a New York trust firm and custodian that is regulated under the New York State Department of Financial Services.
Cynthia Del Pozo Garcia, the exchange’s principal of strategy & corporate development, announced Monday that starting Dec. 14:
Gemini and Bancolombia will launch a partnership to provide an initial cohort of customers of the Colombian bank a seamless on- and off-ramp to trade bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH) through the Gemini exchange.
The partnership with Bancolombia “also functions as an important step towards the strategic expansion of its presence” in Latin America, Gemini stated.
The exchange was added:
Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto.
In January, the Superintendencia Financiera de Colombia announced that nine crypto initiatives will be allowed to test their products within the La Arenera regulatory sandbox.
Other than the Bancolombia and Gemini partnerships, other partnerships within the sandbox include Banco de Bogota and Bitso, Banco de Bogota and Buda, Coltefinanciera and Obsidiam and Davivienda and Binance as well as Powwi and Binance, Coink and Banexcoin and Movii and Panda and Movii and Bitpoint.
Do you think all banks should offer cryptocurrency trading? Comment below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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