The Colombian bank behind the crypto exchange claimed the platform was created after nearly a decade of study and research.
Colombia’s largest bank, Bancolombia, has entered the crypto business by launching a crypto exchange called Wenia. The crypto platform aims to on-board 60,000 users in its first year and compete with Binance and Bitso.
Along with a crypto exchange, the Colombian bank also launched a stablecoin called “COPW,” which is pegged to the Colombian peso.
The stablecoin will act as an onboarding solution for exchange users. Apart from the COPW stablecoin, Weina will allow the trading of Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Polygon’s (MATIC). To access Weina, traders must be Colombian nationals residing in the country.