A limited group of Columbian residents will get access to buying crypto using their accounts in Bancolombia, the largest bank in the country, for one year starting December 14.
The customers of Bancolombia will be able to buy BTC, ETH, ETH, and BCH, thanks to the joint program launched by Gemini and Bancolombia. While the exchange will provide crypto custody (withdraw, deposits, and holding the assets), its Columbian partner will maintain the fiat operations.
This partnership has been made possible due to the support of the country’s financial watchdog, the Financial Superintendence of Colombia, and its unique regulatory sandbox. However, at this point only two crypto-fiat partnerships of nine approved by the Colombian regulatory body have proven their viability.
While the Bancolombia-Gemini alliance became the second one, the first one, MOVii-Bitpoint initiative, allowing users to buy crypto on Bitpoint via their MOVii fiat accounts, have already reported 2,000 active users and close to $500 million in funds moved through crypto since November.