The entrance of Gemini into the Latin American market is a massive win for traders and investors alike. They won't only be able to enjoy higher trade volumes, but they will also access new coins that may not yet exist on other exchanges in this region!
The partnership is set to take effect and will permit customers from Bancolombia to trade four crypto assets: Bitcoin (BTC), Ether (ETH), Litecoin(LTC), and Bitcoin Cash.
The bank is now offering a way for its customers to buy cryptocurrency directly from their accounts, and they will also be able to custody the assets in question. It's not clear if this means that people can withdraw them, though - so we'll have to wait & see what happens!
The partnership between Gemini and BBVA is a major step for the cryptocurrency exchange in its plan to expand throughout Latin America.
Latin America has suddenly become 1 of the fastest-growing regions in technology and we're excited about how crypto can help fuel that growth.
As announced by the Superintendencia Financiera de Colombia (SFC) in September 2020, a year-long pilot program is coming to help entrepreneurs with innovative financial services. The sandbox "la Arenera" has been approved and will be run as part of this endeavor for businesses seeking creative solutions to provide products or offer loans without violating any laws currently within Colombian law.
The nine crypto exchanges selected to participate are Binance, Gemini, Bitso Mexican exchange among others!
Latin America is set to "gain the most from crypto" as adoption rates increase in countries such as El Salvador, according to Uphold's CEO. The new legal tender has already made strides towards mainstream acceptance with many businesses beginning accepting Bitcoin last month - including mobile network provider Claro which announced they would start offering their customers access via apps on both iOS and Android platforms by year-end!
Gemini provides cloud services to over 60 countries in Latin America, including Argentina and Brazil.
Bancolombia is a bank that provides financial services in Colombia, Panama and other countries. Last year they had 17 million users according to an internal report from last June!
Banco de Bogotá announced that it would be piloting crypto services to help boost economic development in la Arenera. A year prior Latin America accounted for over 3/5ths of all cryptocurrencies used worldwide and now we have another example with the oldest bank on this list!
Posted Using LeoFinance Beta
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