• Bancolombia launches Wenia cryptocurrency change and COPW stablecoin in Colombia.
• The brand new cryptocurrency change goals to register 60,000 customers in its first 12 months to compete with Binance and Bitso.
• Wenia is registered in Bermuda and operates independently from different VanColumbia Group firms.

Bancolombia, Colombia's largest financial institution, has made a significant transfer into the world of cryptocurrencies by launching its personal cryptocurrency change known as Wenia.

The transfer follows almost a decade of thorough analysis and analysis by main banks.

Wemia crypto change

Wenia goals to compete with established platforms equivalent to Binance and Bitso and set up itself as a distinguished participant within the cryptocurrency market. The change plans to register 60,000 customers inside its first 12 months of operation.

Wenia facilitates 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 this launch, Bancolombia issued a cautious warning to merchants relating to the dangers concerned in buying and selling digital property.

The financial institution emphasised that listed crypto property should not securities and don’t obtain any authorities help. Moreover, they identified inherent dangers equivalent to volatility and potential worth losses.

BanColumbia additional clarified that no entity inside the BanColumbia Group might be uncovered to digital property.

A notable element is that Wenia operates as an unbiased entity registered exterior Colombia, particularly in Las Bermudas, as revealed by a LinkedIn put up by a authorized skilled. Accordingly, any disputes or claims referring to the Trade are topic to the jurisdiction of Bermuda legislation and should be resolved by Wenia and never Bancolombia.

COPW Stablecoin

Along with the newly launched cryptocurrency change, Bancolombia has launched a stablecoin known as “COPW” pegged to the Colombian peso.

The introduction of the COPW stablecoin will function an onboarding answer for change customers.

Bancolombia President Juan Carlos Mora expressed the financial institution's dedication to selling the adoption and use of digital property and blockchain expertise. In an interview with Forbes, the President highlighted the in depth efforts VanColombia has put into creating the Wenia platform over the previous decade.

In response to Chainalies' 2023 International Cryptocurrency Adoption Index, Colombia at the moment ranks third amongst Latin American nations by way of cryptocurrency adoption. This highlights the potential market demand and relevance of Bancolombia's operations to the crypto sector.