Bancolombia Launches Crypto Exchange Wenia and Stablecoin COPW

Bancolombia, the largest bank in Colombia, has launched the cryptocurrency exchange Wenia and a stablecoin, COPW, pegged to the peso, as reported by Cointelegraph.

The trading platform will feature Bitcoin, Ethereum, Polygon, and USDC. Access to the exchange will be limited to Colombian citizens residing in the country.

The developers aim to attract 60,000 users within a year of the platform’s launch, positioning it as a competitor to Binance and Bitso. The stablecoin COPW is intended to assist in onboarding traders.

In an interview with Forbes, Bancolombia President Juan Carlos Mora noted that the development of the trading platform has been underway for nearly a decade, aiming to “promote the adoption and use of digital assets and blockchain technology.” 

In their official statement, representatives of the financial institution warned traders about the risks associated with digital assets. They also emphasized that the tools available on Wenia are not securities and are not backed by any government.

“They are not protected by deposit insurance and carry associated risks such as volatility and loss of value. It should be noted that no enterprise within the banking group will be involved in operations with digital assets,” Bancolombia stressed.

Diego Beltrán Avila, head of GroupLegalTic, noted that Wenia is an independent organization registered in Bermuda.

In 2021, the Gemini exchange, founded by the Winklevoss brothers, partnered with Bancolombia to provide the bank’s clients with “seamless” access to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. 

The initiative was part of a pilot program under the supervision of Colombia’s Financial Authority, launched that same year. Banco de Bogotá later joined the experiment to explore business models and risks associated with handling digital assets.

Last summer, the Bitfinex exchange launched P2P services for buying and selling cryptocurrencies in Colombia, Venezuela, and Argentina.