💵💵 Leading Colombian bank launches crypto exchange and peso stablecoin
Colombia’s largest bank, Bancolombia, has entered the crypto business by launching a crypto exchange called Wenia. The crypto platform aims to on-board 60,000 users in its first year and compete with Binance and Bitso.
Along with a crypto exchange, the Colombian bank also launched a stablecoin called “COPW,” which is pegged to the Colombian peso.
The stablecoin will act as an onboarding solution for exchange users. Apart from the COPW stable coin, Weina will allow the trading of Bitcoin $63,009, Ether $3,037, USD Coin USDC$1.00 and Polygon’s MATIC$0.7030. To access Weina, traders must be Colombian nationals residing in the country.
The banking giant aims to consolidate the high usage of cryptocurrency in Colombia by catering to both amateur and experienced crypto traders through its platform.
Colombia ranks third among Latin American countries in crypto adoption, according to the 2023 Global Crypto Adoption Index from Chainalysis.
