Colombia's largest bank has a crypto exchange and a stable coin coupled to the peso

• Bancolombia introduces the crypto exchange Wenia and the StableCoin Copw in Colombia.
• The new crypto exchange aims at winning 60,000 users in the first year to compete with Binance and Bitso.
• Wenia is registered on the Bermudas and will operate regardless of other companies in the Bancolombia Group.

Bancolombia, the largest bank of Colombia, has made an important excursion into the world of cryptocurrencies with the introduction of her own crypto exchange called Wenia.

This step takes place after almost a decade of thorough studies and examinations of the banking giant.

Wemia-crypto exchange

Wenia would like to establish itself as a prominent player on the cryptom market and compete with established platforms such as Binance and Bitso. The stock exchange should have 60,000 users on board in the first year of its existence.

Wenia will facilitate the trade in various cryptocurrencies, including Bitcoin (BTC), Ether (Eth), USD Coin (USDC) and Matic from Polygon.

Access to the platform is limited to Colombian citizens with residence in the country.

Wenia is registered outside Colombia

Despite the optimism in connection with the introduction, Bancolombia dealers carefully referred to the risks associated with the trade in digital assets.

The bank emphasized that listed crypto-assets were not securities and that a government would not be supported. In addition, they pointed out the inherent risks such as volatility and possible price losses.

Bancolombia also made it clear that no company will be exposed to digital assets within the Bancolombia Group.

In a remarkable detail, a LinkedIn contribution of a lawyer revealed that Wenia acts as an independent company based outside of Colombia, especially in "Las Bermudas". As a result, all disputes or demands are subject to the exchange of the Jurisdiction of the laws of Bermuda, whereby the solution is sought by Wenia and not by Bancolombia.

The Copw Stablecoin

In addition to the newly introduced cryptocurrency exchange, Bancolombia has introduced a stable coin called "COPW" that is linked to the Colombian peso.

The introduction of the COPW stable coin serves as an onboarding solution for users of the stock exchange.

Juan Carlos Mora, the President of Bancolombia, has expressed the bank's commitment to promote the introduction and use of digital assets and blockchain technology. In a (n Interview with Forbes emphasized the president the extensive efforts, which Bancolombia has undertaken in the past decade to develop the Wenia platform.

According to the Global Crypto Adoption Index 2023 by Chainalysis, Colombia is currently in third place among the Latin American countries in relation to the introduction of cryptocurrencies. This underlines the potential market demand and relevance for Bancolombia's advance in the cryptos sector.