Colombia’s largest bank launches crypto exchange and peso-pegged stablecoin
- Bancolombia launches Wenia crypto alternate and COPW stablecoin in Colombia.
- The brand new crypto alternate goals to onboard 60,000 customers in 1st yr to compete with Binance and Bitso.
- Wenia is registered in Bermuda and can function independently from different Bancolombia Group entities.
Bancolombia, the most important financial institution in Colombia, has made a major foray into the world of cryptocurrencies with the launch of its personal crypto alternate named Wenia.
This transfer comes after almost a decade of thorough examine and analysis by the banking big.
Wemia crypto alternate
Wenia goals to ascertain itself as a distinguished participant within the crypto market, competing with established platforms like Binance and Bitso. The alternate is about to onboard 60,000 customers inside its inaugural yr of operation.
Wenia will facilitate the buying and selling of varied cryptocurrencies together with Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Polygon’s MATIC.
Nonetheless, entry to the platform is proscribed to Colombian nationals residing within the nation.
Wenia is registered exterior Colombia
Regardless of the optimism surrounding the launch, Bancolombia has issued a cautious notice to merchants concerning the dangers related to buying and selling digital belongings.
The financial institution emphasised that listed crypto belongings aren’t securities and aren’t backed by any authorities. Furthermore, they identified the inherent dangers akin to volatility and potential value loss.
Bancolombia additional clarified that no entity inside the Bancolombia Group might be uncovered to digital belongings.
In a noteworthy element, it was revealed by means of a LinkedIn publish by a authorized skilled that Wenia operates as an impartial entity registered exterior Colombia, particularly in “Las Bermudas.” Consequently, any disputes or claims associated to the alternate might be underneath the jurisdiction of Bermuda’s legal guidelines, with decision sought by means of Wenia reasonably than Bancolombia.
The COPW stablecoin
Alongside the newly launched cryptocurrency alternate, Bancolombia has launched a stablecoin known as “COPW,” which is pegged to the Colombian peso.
The introduction of the COPW stablecoin serves as an onboarding resolution for customers of the alternate.
Juan Carlos Mora, the president of Bancolombia, has expressed the financial institution’s dedication to fostering the adoption and utilization of digital belongings and blockchain know-how. In an interview with Forbes, the president highlighted the in depth efforts undertaken by Bancolombia over the previous decade to develop the Wenia platform.
Colombia at present ranks third amongst Latin American international locations when it comes to crypto adoption, in keeping with the 2023 World Crypto Adoption Index from Chainalysis. This underscores the potential market demand and relevance for Bancolombia’s enterprise into the crypto sector.