- Bancolombia launches Wenia crypto trade and COPW stablecoins in Colombia.
- The brand new crypto trade goals to interact 60,000 customers within the first yr to compete with Binance and Bitso.
- Wenia is registered in Bermuda and can function independently of the opposite Bancolombia Group entities.
Bancolombia, the biggest financial institution in Colombia, has made a big foray into the cryptocurrency world by launching its personal crypto trade known as Wenia.
The transfer comes after almost ten years of thorough research and analysis by the banking large.
Wemia cryptocurrency
Wenia goals to ascertain itself as a distinguished participant within the crypto market and compete with established platforms resembling Binance and Bitso. The trade is about to have 60,000 customers in its first yr of operation.
Wenia will facilitate the buying and selling of assorted cryptocurrencies together with Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Polygon's MATIC.
Nevertheless, entry to the platform is restricted to Colombian nationals residing within the nation.
Wenia is registered outdoors Colombia
Regardless of the optimism surrounding the launch, Bancolombia issued a cautionary word to merchants concerning the dangers concerned in buying and selling digital belongings.
The financial institution emphasised that the listed crypto-assets usually are not securities and usually are not backed by any authorities. As well as, they pointed to inherent dangers resembling volatility and potential value loss.
Bancolombia additional clarified that no entity throughout the Bancolombia Group can be uncovered to digital belongings.
One notable element was revealed via a LinkedIn submit by a authorized skilled that Wenia operates as an impartial entity registered outdoors Colombia, particularly in “Las Bermudas”. Consequently, any dispute or declare associated to the trade can be topic to the jurisdiction of Bermuda regulation, with decision sought via Wenia moderately than Bancolombia.
COPW secure coin
Along with the newly launched cryptocurrency trade, Bancolombia launched a stablecoin known as “COPW” which is pegged to the Colombian peso.
The introduction of the COPW stablecoin serves as an onboarding answer for trade customers.
Juan Carlos Mora, president of Bancolombia, expressed the financial institution's dedication to advertise the adoption and use of digital belongings and blockchain expertise. In an interview with Forbes, the president highlighted the in depth efforts made by Bancolombia over the previous decade to develop the Wenia platform.
Colombia is presently ranked third amongst Latin American international locations when it comes to cryptocurrency adoption, in line with the 2023 World Crypto Adoption Index by Chainalysis. This underlines the potential market demand and relevance for Bancolombia's enterprise within the crypto sector.
