Colombias Largest Bank Bancolombia Launches Crypto Exchange and Fiat Peso Stablecoin
The largest bank in Colombia and one of the leading banks in Latin America, Bancolombia Group, has launched its fully regulated crypto exchange "Wenia" and a Colombian fiat peso stablecoin, COPW, to boost crypto adoption in the country.
Wenia, which is only available to Colombian citizens and allows users to purchase, convert, receive, send, and sell cryptocurrencies through its platform, plans to compete with major exchanges like Binance and Bitso by drawing 60,000 users in its first year of operation.
Hoy, el banco más grande de Colombia @Bancolombia, lanza su producto cripto para comprar #bitcoin @ethereum, USDC de @circle y Matic de @0xPolygon, con el mensaje que es el futuro de las finanzas. Lanzan también una "stablecoin" del peso colombiano 🇨🇴 pic.twitter.com/sdxxgijjgg
— Mauricio Tovar 🌴🍹 (@maurotov) May 3, 2024
The fully regulated exchange Wenia will also provide an intuitive, dynamic, and educational approach so that customers can comprehend the realm of blockchain technology and crypto assets, regardless of their level of experience. The leading Colombian conglomerate bank aims to consolidate the high level of cryptocurrency usage in Colombia, serving both beginners and experienced traders.
The COPW stablecoin is pegged in a 1:1 ratio to the Colombian peso (COP), which is intended to facilitate users' access to the platform. The crypto platform is offering trading options in Bitcoin (BTC), USD Coin (USDC), Ether (ETH), and Polygon (MATIC). COPW is the entry point to Wenia, and users can convert to any of the listed coins.
According to Bancolombia Group President Juan Carlos Mora, the platform has been in development for almost a decade with the goal of accelerating the adoption of blockchain and digital technologies, as stated in an interview with Forbes.
“Because of this, we reacted promptly to El Salvador's adoption of Bitcoin. We are honored to introduce this new company to the nation, and we are dedicated to advancing technology so that it becomes more accessible to everyone and contributes to a more dynamic future. We are aware that by implementing Wenia, we are advancing financial inclusion and Colombia's digital economy,” he said.
Furthermore, Pablo Arboleda, CEO of Wenia, stated, "We are starting to materialize this path in which we want to provide our clients with a reliable experience and a new way of using their money with the consolidation of Wenia, developed with high security standards and the best practices in the industry."
"We want to make the crypto community more accessible, inclusive, and effective for everyone."
To be eligible to join Wenia, the user must be a natural person of Colombian nationality, reside in Colombia, and be of legal age. Users who meet the requirements can sign up on the waiting list on the website and gain access to the platform during this initial phase.
This is a step in the right direction and a great way to invest in the Colombian market for a country that ranks third in Latin America for crypto adoption, according to the Global Crypto Adoption Index.
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