A leading Colombian bank launches crypto exchange and peso stablecoin!

Bancolombia is Colombia's largest bank. Recently this largest bank announced that they have launched a crypto exchange called Wenia and through this they have entered the crypto business. The Colombian bank behind their entry into the crypto market and crypto exchange claims that the platform was developed after nearly a decade of study and research. For that they have set the same specific target and they have stated that the crypto platform aims to have 60,000 users on-boarded in the first year and compete with Binance and Bitso.

source

Also interesting is that they have launched a stablecoin as well. This type of stablecoin was originally created in conjunction with a crypto exchange and is pegged to the Colombian local currency, the peso. They launched this stablecoin called COPW. We know that stablecoins play a very important role for investors in the market, especially in volatile markets to maintain a fixed amount of money. The exchange will serve as an onboarding solution for users using this coin through the type of stablecoin they have created. Not even limited to these stablecoins. Apart from this, Weina plans to allow Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Polygon (Matic) transactions. But the most important thing is that users must be Colombian citizens residing in the country to avail such benefits.

However, to implement such plans, the country or the central bank has been researching or scrutinizing digital assets for a long time. They even warned traders about the risks involved in such business. Bancolombia's official announcement warned traders of the risks of trading digital assets. But at the same time they have also declared that the crypto assets listed are not securities or backed by any government.

Even the bank authorities have specifically declared that such assets or deposits are not covered by insurance. Moreover, as we know that these digital assets are volatile, the bank authorities have also made this clear and they have said that such assets are associated with risks such as volatility and value reduction of digital assets. It should be noted that no entity of Bancolombia Group will be exposed to digital assets. This is what the bank authorities have announced.