Share this article
Colombia's First Commercial Bank to Pilot Crypto Services
Banco de Bogotá will use the test to explore business models and risks around crypto assets.
Updated May 9, 2023, 3:16 a.m. Published Mar 4, 2021, 1:55 p.m.
A Colombian commercial bank established in 1870 is to trial cryptocurrency services through a sandbox project set up by the country’s financial regulator.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Banco de Bogotá said Monday the pilot program begins this month and will allow the bank to explore business models and risks associated with the handling of crypto assets, according to a Portafolio report.
- The sandbox from the Financial Superintendence of Colombia is aimed to provide a "joint test space between the digital ecosystem and the National Government in terms of crypto assets," the news source said.
- The bank will select a limited group of clients for the pilot, who will be given the option to make cryptocurrency deposits and withdrawals using Banco de Bogotá's mobile and virtual banking channels.
- As reported by CoinDesk, Colombia saw major growth in cryptocurrency use as a store of wealth as well as for transactional purposes in 2020.
- Peer-to-peer crypto marketplace LocalBitcoins said Colombia accounted for 11.3% of its global volume in 2020, making it one of the firm’s “main markets” alongside Russia and Venezuela.
Read more: La carrera de Colombia por convertirse en un mercado líder de criptomonedas en la región
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
