Colombia’s Banco de Bogotá will expand crypto-pilot with focus cash in-out facility

Banco de Bogotá, Columbian’s oldest bank, will now allow crypto services for its 5000 customers who are above the age of 25 years. 

In the present time crypto adoption in the banking sector is also at tremendous level. But these banking sectors are imposing huge restrictions on the users, probably this situation of boundation will be overcome by the bank authorities in the future. 

One of the oldest banks of Columbia,  Banco de Bogotá, already established a partnership with two crypto exchanges. These two crypto exchanges are Bitso and Buda cryptocurrency exchanges.

Banco piloted their first crypto project back in March. That allowed their clients to trade with crypto but only those clients are able to use this service, who are at age 25 or above.

Now as per a new announcement, Banco will expand their crypto at the next level. 

In the first phase of the crypto project, Banco will allow around 5,000 clients to use the crypto assets for trade, which are available at Bitso and Buda cryptocurrency exchanges.

These two crypto exchanges are fully regulated and are running their operations under the supervision of Superintendencia Financiera ( Colombian regulatory authority).

In the second phase of the crypto project program, Banco will allow their users to spend the crypto assets with the use of crypto cards related functionality. And also they will allow the option of cash in and cash out facility.

According to the announcement, Buda crypto exchange will provide its services for Banco by September. While Bitso will start from October. 

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