Gemini taps into Latin American markets with Bancolombia partnership

US-based exchange Gemini plans to offer cryptocurrency trading to Colombian users through a partnership with the nation’s largest bank – Bancolombia.

From December 14, the partnership will provide a selected group of Bancolombia customers with the option to trade Bitcoin, Ether, Litecoin and Bitcoin Cash.

Users will be able to trade the selected assets using a “seamless on-and-off-ramp”, which is facilitated through the Gemini exchange.

The partnership between the two is part of a one-year pilot program, which is operated by Colombia’s financial regulator SFC, to offer users “seamless and secure access to crypto” and gauge interest in crypto investments in the nation.

Cynthia del Pozo García, Gemini’s principal of strategy and corporate development, said the collaboration between the two “serves as an important step toward the strategic expansion of Gemini’s presence in Latin America”.

Del Pozo García noted that the exchange was “working closely with the Colombian crypto ecosystem” to “empower Colombians to take control of their financial lives”, and also invited further institutions across Latin America to “explore opportunities in crypto”.

Bancolombia is the nation’s largest bank, marking another considerable step in crypto adoption across South and Latin American nations.

Recent developments in the region have led to the growing popularity of Bitcoin in Brazil alongside greater market access to cryptocurrencies via MercadoLibre and a host of Bitcoin exchanges.

Further adoption has also come from institutional investors in developing blockchain infrastructure through fintech consortium 2TM across the region.