Crypto Innovation: Bancolombia Unleashes Exchange and Peso Stablecoin to Market
Bancolombia Group, a prominent banking entity in Latin America and Colombia’s largest bank, is venturing into the crypto realm with the introduction of Wenia, a new cryptocurrency exchange.
Wenia aims to disrupt the dominance of Bitso and Binance in Colombia’s crypto exchange sector by providing a Colombian peso-pegged stablecoin alongside other digital assets. Juan Carlos Mora, President of Bancolombia Group, highlighted that Wenia is the result of nearly a decade of efforts to facilitate the adoption of digital assets and blockchain technologies in Colombia, contributing to financial inclusion and the country’s digital economy. The platform anticipates reaching 60,000 users in its first year, leveraging Colombia’s significant crypto adoption potential. Pablo Arboleda, CEO of Wenia, emphasized the platform’s user-friendly approach, aiming to make crypto accessible, inclusive, and efficient for newcomers.
Alongside its focus on security, Wenia offers COPW, a Colombian peso stablecoin, allowing users to store value in the national currency using digital assets. The exchange also supports popular cryptocurrencies like bitcoin, ether, USDC, and matic, providing a diverse range of options for users. Bancolombia clarified that assets on Wenia are not securities or government-backed currencies.
Clever Robot News Desk 8th May 2024
