Bancolombia Group entered the web3 sector in Might after 10 years of analysis.
The digital asset subsidiary of Bancolombia Group, the biggest financial institution in Colombia, has tapped Chainlink to bolster the transparency of its Colombian Peso-backed stablecoin.
On July 25, Wenia introduced it built-in Chainlink’s Proof of Reserve (PoR) protocol for its COPW stablecoin. The transfer permits anybody to entry Chainlink’s on-chain information from the Wenia platform to verify that COPW is totally backed by Colombian Pesos.
“By way of this collaboration, COPW customers on the Wenia platform achieve entry to Chainlink’s safe and dependable on-chain PoR information, enhancing visibility into the reserves backing the stablecoin,” stated Pablo Arboleda, CEO of Wenia. “On-chain Proof of Reserve information is a important element to digital asset adoption, serving as a stepping stone towards rising shopper confidence in utilizing stablecoins and different tokenized belongings.”
Menia can also be anticipated to combine Chainlink’s Value Feed and Cross-Chain Interoperability Protocol merchandise for COPW within the close to future.
Chainlink (LINK)’s value is down 6.54% prior to now 24 hours amid a broader digital asset pullback, in line with CoinGecko.
Bancolombia’s web3 entrance
Bancolombia Group launched Wenia and COPW in early Might. Wenia is a Bermuda-based firm that provides buying and selling, transfers, and custody for Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and USD Coin (USDC), along with COPW mints and redemptions.
Whereas Menia and COPW are at present solely obtainable in Colombia, Wenia plans to develop the COPW into new markets and onto “web3 platforms” transferring ahead. Wenia hopes to onboard 60,000 customers in its first 12 months of operation.
Juan Carlos Mora, the president of Bancolombia, advised Forbes that Wenia’s launch adopted a decade of analysis into the digital asset business.
Bancolombia’s entrance into the web3 sector follows the Colombian market having fun with vital development over the previous 12 months.
In keeping with October 2023 analysis from Chainanalysis, Colombian customers execute roughly $200 million value of cryptocurrency. The exercise ranks Colombia thirty second by digital asset adoption worldwide, and fourth amongst Latin American nations behind Argentina, Brazil, and Mexico.
In keeping with Cristóbal Pereira, one of many primary organizers behind the ETHChile convention, possession in South America grew 116% to 55 million from 25 million because the begin of 2023.
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