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Colombia's largest bank will offer its customers Bitcoin trading

Colombia's largest bank will offer its customers Bitcoin trading

Bancolombia will soon offer its customers the ability to buy and sell Bitcoin thanks to a partnership with Gemini, Bitcoinmagazine reports.

Cryptocurrency exchange Gemini will soon offer BTC trading in Colombia for customers of the country's largest bank, Bancolombia. However, it is unclear whether users will be able to withdraw funds, a vital feature for achieving the financial sovereignty that Bitcoin provides. The partnership is part of a government-funded pilot program. It will be launched on Dec. 14, giving the first group of Bancolombia customers a seamless entry and exit to trade BTC through the exchange. “The partnership is also an important step toward strategically expanding Gemini's presence in Latin America” –said Cynthia del Pozo Garcia, Gemini's director of strategy and corporate development. “We look forward to working closely with the Colombian crypto ecosystem and supporting crypto products that will allow Colombians to take control of their financial lives”. The Colombian government launched a one-year pilot program through the country's financial regulator, the Superintendencia Financiera de Colombia (SFC), to make Bitcoin and cryptocurrency services more understandable to citizens. “Cryptocurrency by its nature has no borders, and we aim to expand access to cryptocurrencies for people all over the world” –del Pozo Garcia added. Bancolombia is part of the Bancolombia Group, a holding company that also owns Banistmo, the largest bank in Panama and Central America; BAM, from Guatemala; and Banco Agricola, which serves customers in El Salvador. As of Dec. 31, 2020, the group had 17.8 million customers, according to its numbers report.

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