Bancolombia is partnering with Gemini. The partnership is part of a government-sponsored program set to launch on 14 December 2021. The bank’s customers will be able to use Gemini seamlessly to trade Bitcoin.
The partnership will help Gemini offer Bitcoin trading in Colombia, starting with the bank’s customers. However, it is unclear whether the users will be able to withdraw funds, which is a crucial feature that Bitcoin enables to achieve financial sovereignty.
Further more, the Bancolombia and Gemini’s partnership serves as a step to the expansion in the use of Gemini in Latin America. Gemini is excited to work with the Colombian cryptocurrency ecosystem. The exchange also wants to offer cryptocurrency products to empower Colombian citizens.
Superintendencia Financiera de Colombia (SFC) is Colombia’s financial regulator. Using SFC, the Colombian government launched a one-year pilot program to bring cryptocurrency services to its citizens using a more direct approach.
Because of the borderless nature of cryptocurrency, Gemini aims to expand globally. The exchange wants to offer cryptocurrency access to many nations.
SFC also announced that it had chosen nine cryptocurrencies of the 14 who applied to take part in the pilot. The list included not only Gemini but also Bitso and Binance. Binance wants to partner with Davivienda, the third-largest bank in Colombia.
Bancolombia
Bancolombia is the largest financial institution in Colombia and among the largest in Latin America. The Bank is part of Latin America’s financial group, Bancolombia Group, which provides services to over 17 million citizens in Latin America. The bank, therefore, has a large number of users. Gemini partnering with such a large institution will help the exchange reach more people. It will also help increase Bitcoin adoption and awareness in Latin America. It was founded in 1945 and has its headquarters at Medellin, Colombia.
Gemini
Gemini is aa American cryptocurrency exchange. It is a next-generation cryptocurrency exchange that enables traders to sell, buy, earn and store digital assets. It is located in New York and was founded in October 2014. The exchange aims to offer a seamless onramp to trade cryptocurrency through its partnership with financial institutions, such as Bancolombia. The crypto coins Gemini allows for trading include Litecoin, Bitcoin Cash, Ethereum, Bitcoin and Shiba Inu.
Cryptocurrency Adoption in Latin America
The world is undergoing a global economic reset after the pandemic, a trend that occurs after every decade. The adoption of cryptocurrency will help transform the lives of citizens in Latin America. Early adoption of cryptocurrency will save nations in the oncoming global era.
This era is not only ushering in a new technology, but the technology is also a form of currency. Therefore, any nation adopting the currency is safe. Cryptocurrency also helps to achieve anonymity and prevent inflation. It also helps institutions secure profits and carry out wallet transfers without middlemen monitoring the transactions.
Everybody is early to Bitcoin, likewise, Everybody is early to cryptocurrency. Bancolombia partnering with Gemini is a huge step for Columbia. It also shows many states are becoming open to cryptocurrency adoption. The partnership will also help increase cryptocurrency awareness in Columbia.