After nearly a decade of study and research, Bancolombia, the largest bank in Colombia, has established Wenia, a cryptocurrency exchange, and a peso-pegged stablecoin.
In conjunction with a cryptocurrency exchange, the Colombian bank introduced “COPW,” a stablecoin pegged to the Colombian peso. In its inaugural year, the cryptocurrency platform intends to acquire 60,000 users and contend with Bitso and Binance.Â
For exchange users, the stablecoin will function as a registration solution. In addition to the COPW stablecoin, Bitcoin, Ether, and Polygon will be allowable for trading on Weina. Traders must be Colombian nationals residing in the country to gain access to Weina.
The banking behemoth endeavors to solidify the substantial adoption of cryptocurrencies in Colombia by providing its platform to accommodate novice and seasoned crypto traders.Â
Chainalysis’s 2023 Global Crypto Adoption Index ranks Colombia the third-most-adopted cryptocurrency nation among Latin American countries.Â
In an interview with Forbes, Juan Carlos Mora, president of Bancolombia, stated that the organization has spent nearly a decade developing a cryptocurrency infrastructure that “enables the use and adoption of blockchain technology and digital assets.”
The official Bancolombia announcement warned investors about the dangers of trading digital assets. The bank stated that the crypto assets on its list are neither securities nor government-backed.Â
“They lack the safeguards of deposit insurance and are subject to inherent risks, including price volatility and potential loss of value for the digital asset.” “At this time, none of the Bancolombia Group‘s entities will have exposure to digital assets,” the company notes.Â
According to a lawyer’s LinkedIn post, Weina is an independent entity registered in “Las Bermudas” outside the country and is therefore subject to the laws of that country; thus, any dispute or claim will be brought directly before the courts of Bermuda against Wenia and not Bancolombia.
