• Binance and Davivienda have forged an alliance to support cryptocurrency operations in Colombia.
• Colombian regulator coordinates a pilot plan that aims to capture around 7,000 clients. They will be able make deposits in banks and withdraw funds using authorized cryptocurrencies.

Binance and Davivienda announced financial operations for cryptocurrencies. They are Colombia’s largest banks by assets. Both companies are part of the Financial Superintendence of Colombia’s pilot plan.

Although the Colombian regulator approved this pilot plan in January 2017, execution started in December. Binance and Davivienda anticipate capturing around 7,000 users initially, and they will be able cash in or cash out.

To do this customers may use any of the following four cryptocurrencies: Ether, Ether (ETH), LTC (BTC), and BCH (BCH). It is anticipated that Binance users will find it easy to conduct their operations due to its simplicity.

“After the great challenge that this pilot plan means, we are very satisfied when starting operations,” said the director of operations of Binance Latam, Maximiliano Hinz to the local media LaRepública.co.
He said that:

“This represents a great opportunity to show that we are on the right path, following what our CEO Changpeng Zhao said, that we will go for every opportunity we have to obtain licenses around the world.”
Binance will expand its user base throughout Colombia as the pilot ends and follow-up and feedback phases begin.

Binance wants the whole country covered

This exchange plans to cover the entire country with cryptocurrency and continues to attract clients who are interested in this business.

Hinz said that Colombia means “the first of its type in Latam” and was a major advance in the region.
He stressed that his company was very pleased and proud to work in coordination with the Colombian regulator “in this great initiative for the country and the world.”

He stated, “And what’s better than doing this hand in hand to Davivienda? Which is one of Colombia’s most recognizable and innovative banks?”

The Flipside

• To prevent drugs trafficking, the Colombian regulator prefers to monitor cryptocurrency businesses closely.

Why you should care

It is the country in South America that has adopted cryptocurrency use the fastest. According to Statista’s latest data, the country ranks 9th in global cryptocurrency trading.

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