The partnership will take effect on 14 December 2021 and will permit customers from Bancolombia to trade four crypto assets: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
A limited number of users will be able to buy crypto directly from their Bancolombia bank accounts through the Gemini exchange, which will provide crypto-specific infrastructure for exchange and custody of assets. It remains unclear whether the users will be able to withdraw the crypto holdings directly from their accounts.
The partnership will be part of a year-long pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC). The regulatory sandbox, ‘la Arenera’ was approved by the Ministry of Finance and Public Credit in September 2020.
In January, the SFC announced that it had chosen nine out of fourteen crypto exchanges that had applied for the project, including Gemini, Binance, and Bitso.
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