Colombia’s leading bank, Bancolombia, makes a bold move into the world of cryptocurrencies with the launch of its own crypto exchange, Wenia. The exchange is set to compete with major players like Binance and Bitso, aiming to attract 60,000 users within its inaugural year.
Introducing COPW: Bancolombia’s Stablecoin
In addition to the crypto exchange, Bancolombia introduces COPW, a stablecoin tied to the Colombian peso. This stablecoin serves as a seamless onboarding solution for users of the Wenia exchange.
Wenia offers a variety of trading options, including Bitcoin, Ether, USD Coin, and Polygon’s token. Access to the platform is exclusive to Colombian nationals residing within the country.
Bancolombia’s Crypto Vision
Bancolombia seeks to capitalize on Colombia’s growing crypto market, catering to both novice and seasoned traders through its innovative platform. The move comes as Colombia ranks third in Latin America for crypto adoption, according to the 2023 Global Crypto Adoption Index by Chainalysis.
Juan Carlos Mora, Bancolombia’s president, emphasizes the bank’s long-term commitment to cryptocurrency adoption and blockchain technology. In an interview with Forbes, Mora highlights nearly a decade of effort in developing a platform to facilitate the use of digital assets.
While embracing crypto, Bancolombia remains cautious, warning traders about the inherent risks associated with digital assets. The bank stresses that listed crypto assets are not securities and are not backed by any government or protected by deposit insurance.
According to a lawyer’s LinkedIn post, Wenia operates as an independent entity registered in Bermuda. Any disputes or claims related to the exchange fall under the jurisdiction of Bermudian law, distancing Bancolombia from legal liabilities associated with Wenia’s operations.
