Would You Trade Crypto at Your Local Bank?
That's a pretty crazy question to ask, right? Well no so much anymore - especially if you happen to live in Colombia. Gemini exchange, based in the U.S., is expanding into Latin America with a major partnership that's going to bring crypto trading to your bank account. Holy. Shit. itshappening.gif
Gemini partners with Bancolombia
Bancolombia is the largest and most well-known bank in Colombia. Gemini, currently based in New York, is expanding its reach into Latin American with this huge partnership. Starting December 14th, just a few days away, users will be able to buy crypto directly through their bank account via Gemini. * **mind blown Gemini will provide the infrastructure for crypto as well as the custodial side of things. For new users, this is great. If you want the full article, check it out - Gemini partners with Bancolombia.
As mentioned in the article, it remains unclear if users will be able to move crypto in and out of their accounts. My assumption is - they won't. At least not right off the bat and I think that's a good thing. This is a huge deal and you wouldn't want to overwhelm new users with having to manage a wallet or anything like that right out the gate. I imagine this being similar to Robinhood where you can buy, sell, and hold crypto without actually holding crypto. Should they add this feature in the future? Absolutely. I just think in the beginning there would be too many moving parts and different issues to manage.
This is only a pilot program, after all, and what we're looking for here is proof of concept. Will it work? Will people use it? Is it safe for the average crypto newbie? This will be a true test if the people are ready for crypto exist alongside their dollars in the bank account. Will Columbia decide to make Bitcoin legal tender if this goes properly? I think it's possible. After all, El Salvador has already done so and they definitely wont be the last. Bancolombia also is already operating in El Salvador so it would make sense especially if the pilot program goes according to plan (if there is a plan lol).
Will this become standard?
I think it has to at some point. There is no way for banks to ignore crypto. It's already been said a number of times by different "powers that be" that crypto could pose a threat to existing financial systems. It's very true - if people stop believing in the traditional system and move to crypto, what happens to banks? Their only option is going to be adoption. I like that. Their only option is adoption. Fast forward to 2050 and you might be able yield farm right in your bank account app. How sick would that be? Even deeper than that - what about storing your NFTs in the bank? Too meta for you?
So, what are your thoughts?
lemme know.
Posted Using LeoFinance Beta
