New player on the market: Bancolombia introduces Wenia crypto exchange
Date: 2024-05-08 Author: Gabriel Deangelo Categories: IN WORLD
Bancolombia, one of Colombia's leading banks, has announced the launch of its own crypto exchange called Wenia, taking on giants like Binance and Bitso. Juan Carlos Mora, the bank's chief executive, said he was confident of attracting around 60,000 customers in the platform's first year, offering a wide range of cryptocurrency services including buying, selling and exchanging digital assets.
Expanded selection of crypto assets and stablecoin
Wenia supports a variety of cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), Polygon (MATIC) and USD Coin (USDC), providing users with a variety of investing and trading options. The bank also introduced its own stablecoin, COPW, pegged to the Colombian peso, demonstrating its commitment to innovation and diversity in the financial industry.
Long-term efforts and accessibility strategy
According to a statement by the head of Wenia, Pablo Arboleda, the launch of the crypto exchange was the result of long-term efforts by the bank over the past 10 years. The project's goal is to provide easy and affordable access to cryptocurrency instruments for Colombians, thereby creating a more inclusive and diverse financial ecosystem.
Legal framework and independence
Legal expert Diego Beltran Avila emphasizes that Wenia is a separate company registered in Bermuda, which guarantees its independence from Bancolombia. The bank also emphasizes that none of the assets supported by the cryptocurrency platform are considered a security.
Trend development: New players in the crypto exchange market
The launch of Bancolombia's Wenia crypto exchange confirms the growing interest in the cryptocurrency space from major financial institutions. The move reflects a commitment to innovation and adaptation to changing customer needs, following similar initiatives by other financial institutions such as Revolut.
