Leading Colombian bank launches crypto exchange and peso stablecoin

Colombia's largest bank, Bancolombia, entered the crypto business by launching a crypto exchange called Venia. The crypto platform aims to have 60,000 users on board in its first year and compete with Binance and Bitso.

Along with the crypto exchange, the Bank of Colombia has launched a stable coin called “COPW” pegged to the Colombian peso.

The stablecoin serves as an on-boarding solution for exchange users. In addition to the COPW stablecoin, Wayna allows trading of Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Polygon (MATIC). Traders must be Colombian citizens living in the country to access Weinan.

The banking giant aims to strengthen the high level of cryptocurrency use in Colombia by providing a platform for amateur and experienced cryptocurrency traders.

According to the 2023 Global Crypto Adoption Index from Chinalysis, Colombia ranks third in crypto adoption among Latin American countries.

BanColombia president Juan Carlos Mora said in an interview with Forbes that he has been working for a decade to create a crypto platform that “facilitates the adoption and use of digital assets and blockchain technology.”

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An official announcement from BanColumbia warned traders about the risks of trading digital assets. The bank said the listed crypto assets are not securities or backed by any government.

“They are not protected by deposit insurance and have associated risks such as volatility and loss of value of the digital asset. It should be noted that no part of the BanColombia group is exposed to digital assets,” BanColombia said.

A lawyer in a LinkedIn post said Weyna is an independent entity registered outside the country in “Las Bermudas” and is subject to that country's laws, meaning any dispute or claim would be brought before a court directly from Weyna (not Colombia). Bermuda.

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