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Banks in Colombia Announce Partnership with Crypto Exchange Platforms

Exchange

www.altcoinbuzz.io 25 January 2022 21:25, UTC
  
Reading time: ~2 m

Colombia is Latin America’s cryptocurrency hub. The South American country ranks highly in the world for Peer-to-Peer Bitcoin trading volume. In addition, its capital city, Bogotá, also ranks as one of the top Bitcoin cities. Statistics show that about 6.1% of Colombians own cryptocurrencies. Furthermore, studies show that more than half of Colombians aged 25 to 40 have an interest in crypto.

Colombia’s growing interest in crypto led its government to propose an initiative to improve participation. As a result, Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), accepted a number of initiatives for its supervised sandbox “la Arenera.” Since the approval, several platforms have announced partnerships.

Buda.com Partners Banco de Bogota

Buda.com and Banco de Bogotá finally gave the green light for a group of clients designated for a pilot test to conduct activities with crypto assets. This permit comes after several months of responding to inquiries, answering queries, and analyzing results.

The parties’ agreement specifies that a small group of Banco de Bogotá clients in Colombia can now conduct cash in and cash out operations. In addition, they can purchase and sell assets on the Buda.com platform.

Buda.com currently has over 200,000 Colombian users that trade crypto assets. The partnership between Buda.com and Banco de Bogotá resembles the recent relationships between Binance and Davivienda and Gemini and Bancolombia.

Gemini and Bancolombia

As part of the growing crypto activity in Colombia, Gemini, a US-based crypto trading platform, announced a partnership with Bancolombia last month. As a result, customers of the Colombian bank Bancolombia will be able to easily acquire cryptocurrencies. This is all thanks to the pilot project that will connect their accounts to Gemini. The entire process will facilitate cash-in and cash-out operations. Furthermore, it will allow traders to trade bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) on and off the New York-based exchange.

Binance Begins Pilot Test with Colombian Banks

Binance also announced a partnership with Davivienda. The partnership will support crypto operations in Colombia. The pilot test aims to capture 7,000 users to make deposits and withdrawals on verified exchanges. Binance believes there would be no setbacks given its simple mode of operation. Also, the exchange platform hopes to gain 100% coverage in the Latin American country.

Colombia is definitely worth a glance for anyone who cares to look into a growing crypto space. These partnerships with global exchanges further position it as a crypto-friendly society.


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