By
Svetlana Soroka
April 24th, 2024
Currently, crypto assets custodian Gemini already has outlets in six Latin American countries, with Columbia becoming their latest to join the pool. In total, the firm operates in about 60 countries around the globe.
In one of the latest partnership deals of the crypto sphere, crypto custodian and exchange platform Gemini plans to extend its reach in Latin America. Yesterday, the New York-based crypto firm announced its partnership with Colombia’s top financial institution Bancolombia.
Going into effect by December 14, Gemini would be able to reach crypto enthusiasts in Columbia via Bancolombia. The deal will see the leading financial institution support trading of crypto assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, there are concerns over whether withdrawal would be supported immediately.
Per the announcement, Gemini’s Del Pozo Garcia believes that the partnership “serves as an important step toward the strategic expansion of Gemini’s presence in Latin America.” Garcia continued that “We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferate; throughout the region.”
The partnership comes after “La Arenera,” a regulatory sandbox that got the nod of Colombia’s Ministry of Finance and Public Credit last year. Earlier this year, Columbia’s regulator, Superintendencia Financiera de Colombia (SFC), ushered in crypto exchanges to bid for its year long pilot program of which the likes of Gemini, Binance, and Bitso were picked.
Interestingly, the Colombian financial regulator has agreed to take on the Gemini-Bancolombia partnership on a year-long pilot program. The program is a government-sponsored action to test run the fusion of crypto and banking activities.
Currently, crypto assets custodian Gemini already has outlets in six Latin American countries, with Columbia becoming their latest to join the pool. In total, the firm operates in about 60 countries around the globe.
On the other hand, Grupo Bancolombia’s bank operates in four Latin American countries and has over 17 million users in total.
A New Dawn for Crypto in Latin America
The popularity of the crypto industry in the continent has continued to surge, following Bitcoin adoption by El Salvador as a legal tender on September 7. Other countries in the continent have also begun to see cryptocurrency as the next big thing and making moves towards mass crypto adoption.
The continent has been forced to embrace crypto due to the effects of the coronavirus which has had a debilitating effect on the economy of most of the countries within the region.
Speaking on the continued adoption of crypto in Latin America, Uphold CEO JP Thieriot opined that Latin America stands a chance to gain more from the crypto sphere.
The continent itself ranks as one of the highest users of crypto assets in the world. Per a recent survey, Latin America is the third-largest crypto user in the world.