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Bancolombia, Colombia’s biggest bank, will be providing cryptocurrency trading to consumers in a pilot program within a regulative structure developed by the nation’s financial regulator, the Superintendencia Financiera de Colombia (SFC). Customers of the Colombian bank will be able to trade bitcoin, ether, litecoin, and bitcoin money.

Bancolombia to Offer Cryptocurrency Trading to Customers in Regulatory Sandbox

Bancolombia, the biggest bank in Colombia by overall possessions, is set to offer cryptocurrency trading to consumers in collaboration with cryptocurrency exchange Gemini, a New York trust business and custodian controlled by the New York State Department of Financial Services.

Cynthia Del Pozo Garcia, the exchange’s principal of method & business advancement, revealed Monday that beginning Dec. 14:

Gemini and Bancolombia will release a collaboration to offer a preliminary mate of consumers of the Colombian bank a smooth on- and off-ramp to trade bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin money (BCH) through the Gemini exchange.

The collaboration with Bancolombia “also functions as a crucial action towards the tactical growth” of its existence in Latin America, Gemini kept in mind.

The exchange included:

Our collaboration becomes part of a one-year pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), and will offer users smooth and safe and secure gain access to to crypto.

In January, the Superintendencia Financiera de Colombia revealed that 9 crypto efforts will be permitted to test their items within the La Arenera regulative sandbox.

Besides the Bancolombia and Gemini collaboration, other collaborations in the sandbox are Banco de Bogotá and Bitso; Banco de Bogotá and Buda; Coltefinanciera and Obsidiam; Davivienda and Binance; Powwi and Binance; Coink and Banexcoin; Movii and Panda; and Movii and Bitpoint.

Do you believe all banks should offer cryptocurrency trading? Let us understand in the comments area below.

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