Bancolombia is the largest financial services provider in Colombia that also extends its banking services to countries like El Salvador, Panama, Cayman Islands, Peru, Guatemala, and Puerto Rico. On Monday, the executive brass of Bancolombia announced that it has partnered with cryptocurrency exchange Gemini founded by the Winklevoss brothers.
According to the media reports, the clients of Bancolombia will be able to gain access to frictionless Bitcoin trading. However, it is not clear if the users will have the option to conduct withdrawals that adds sovereignty for digital traders.
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One-Year Pilot Program for Bitcoin Trading
The Bancolombia break into Bitcoin is a government-sponsored pilot program initiated by the administration of Colombia. Strategy and Corporate development executive from Gemini, Cynthia Del Pozo Garcia claimed that the exchange has plans to move forward with its strategic expansion in the South American country.
The Superintendencia Financiera de Colombia or SFC is the state financial regulator that will be supervising the program. With the assistance of this program, the clients of Bancolombia will be able to gain on-ramp and off-ramp BTC trading privileges via the Gemini exchange.
The SFC has recently announced the list of 14 shortlisted crypto exchanges that are going to take part in the one-year Bitcoin trading pilot program. In addition to the Gemini exchange, other major crypto markets like Binance, and Bisto will also be added to the project. Bancolombia is a subsidiary of Bancolombia Group that operates top banking enterprises like Banco Agricola in Salvador, Banistmo in Panama, and BAM in Guatemala. Collectively these banks hosted 17.8 million consumers last year.
The Bisto exchange based out of Mexico is going to form a similar partnership with Banco de Bogota situated in the capital city of Colombia. On the other hand, Binance has plans to collaborate with the 3rd-largest Colombian bank called Davivienda. Furthermore, Binance application is also planning to work with Powwi, a local digital payments wallet.