Bancolombia and Gemini have teamed up to offer crypto services in Colombia within the country's regulatory sandbox. The project, which kicks off next week, will enable residents of Colombia to buy their favorite cryptocurrencies from their bank accounts as easily as any other product.
Gemini, a U.S.-regulated cryptocurrency exchange, has announced that it has completed all the necessary steps to move to the implementation phase of a project that will allow Colombians to buy cryptocurrencies with funds held in their Bancolombia accounts, CryptoPotato reported. Bancolombia and Gemini's partnership is essential for the development of the local crypto industry as Bancolombia is the largest bank in the country with combined assets of $275.76 billion and over 16 million users in 2020.
At the moment, the service will only be available to a limited number of users, although the companies did not specify how many people will be able to use it. The project will run for one year, starting December 14, 2021. During this time, all eligible users will be able to buy Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) from Gemini using their Bancolombia accounts.
The project is being implemented as part of a regulatory sandbox that the country is currently implementing as a way to stimulate innovation in financial services. Therefore, government regulators provide certain advantages to test the viability of proposals.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.