Columbian Bank Launches Crypto Exchange and Stablecoin

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Bancolumbia, the largest bank of Columbia has showed its presence in the crypto space by launching a crypto exchange Wenia. The crypto exchange Wenia aims to add 60k users in the first year and compete with the crypto exchange Binance and Bitso.

With the launch of crypto exchange, Columbia also launched a stablecoin with the name 'COPW' pegged to Columbian Peso.

For exchange users the stablecoin COPW will work as an onboarding solution. Besides the stablecoin COPW, the crypto exchange Wenia will also allow trading of cryptos like Bitcoin, Ethereum, USDC, and Matic.

To access the exchange, traders need to be citizens of Columbia residing in the country.

By offering its platform to both novice and seasoned cryptocurrency traders, the financial behemoth hopes to consolidate Colombia's high cryptocurrency adoption rate.

In terms of crypto adoption, Columbia ranks third among Latin American countries, according to 2023 global crypto adoption index from Chainalysis.

Juan Carlos Mora, president of Bancolumbia shared in an interview that it has been working for almost 10 years to create a platform for crypto that "facilitates the adoption and use of digital assets and blockchain technology.”

Bancolombia's official statement cautioned traders of the dangers associated with trading digital assets. The bank stated that none of the cryptocurrency assets on its list are securities or government-backed.

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