Bancolombia Group entered the web3 sector in Could after 10 years of analysis.
The digital asset subsidiary of Bancolombia Group, the most important 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.
“Through this collaboration, COPW users on the Wenia platform gain access to Chainlink’s secure and reliable on-chain PoR data, enhancing visibility into the reserves backing the stablecoin,” mentioned Pablo Arboleda, CEO of Wenia. “On-chain Proof of Reserve data is a critical component to digital asset adoption, serving as a stepping stone toward increasing consumer confidence in using stablecoins and other tokenized assets.”
Menia can also be anticipated to combine Chainlink’s Worth Feed and Cross-Chain Interoperability Protocol merchandise for COPW within the close to future.
Chainlink (LINK)’s worth is down 6.54% previously 24 hours amid a broader digital asset pullback, in line with CoinGecko.
Bancolombia’s web3 entrance
Bancolombia Group launched Wenia and COPW in early Could. Wenia is a Bermuda-based firm that gives 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 out there in Colombia, Wenia plans to broaden the COPW into new markets and onto “web3 platforms” shifting ahead. Wenia hopes to onboard 60,000 customers in its first 12 months of operation.
Juan Carlos Mora, the president of Bancolombia, informed Forbes that Wenia’s launch adopted a decade of analysis into the digital asset trade.
Bancolombia’s entrance into the web3 sector follows the Colombian market having fun with important progress 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 important organizers behind the ETHChile convention, possession in South America grew 116% to 55 million from 25 million for the reason that begin of 2023.
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