Bancolombia, one of the largest banks in Latin America, has created a subsidiary in Bermuda to offer its clients access to Bitcoin and other cryptocurrencies, including its own stablecoin, called COPW.
Bancolombia Group's Bermuda-based subsidiary, Wenia, will offer the bank's Colombian clients access to the market's leading cryptocurrencies, including Bitcoin, Ethereum, Polygon and USD Coin.
Likewise, from this subsidiary, the banking group is launching its first crypto asset, a stablecoin whose value is referenced in the Colombian peso, in a 1:1 ratio. The stablecoin, called COPW, will also be accessible to the bank's Colombian clients through Wenia.
Pablo Arboleda, CEO of Bancolombia's Bermuda subsidiary, emphasized that the launch of the new cryptocurrency services represents a step forward in the bank's vision of providing an optimized infrastructure for the digital economy.
Arboleda stressed that Bancolombia has adopted an innovative approach towards crypto assets, and that its objective is to educate and “accompany people to connect with the crypto side in a more accessible, inclusive and efficient way.”
Bancolombia, which is one of the largest banks in the country and in Latin America, has been experimenting with Bitcoin and cryptocurrencies in recent years. The bank began participating in the cryptocurrency regulatory sandbox promoted by the Colombian Financial Superintendence in 2021, alongside other major banking entities in the country. Through this sandbox, the Colombian government seeks to explore the advantages of the crypto industry, as well as new business models with digital assets.
Colombians are increasingly interested in Bitcoin
The number of banks that are adapting to the emerging cryptocurrency industry around the world continues to grow, and Colombia is no exception. As Arboleda pointed out, Colombians are increasingly interested in participating in crypto assets, which is why Bancolombia has taken the initiative to provide an easy and intuitive access route to several of the main digital assets that exist in the market.
During his presentation, Arboleda shed light on Bancolombia's vision in the digital world, pointing out that the entity is focused on leading cryptocurrency innovation, providing tools that allow these crypto assets to be integrated into everyday life. “What we want is to bring people into everyday payments with crypto assets”he said.
Likewise, Wenia's CEO stated that this Bancolombia branch will serve people who want to buy, sell, convert, send and receive crypto assets in an easy, intuitive and secure way. However, he highlighted that, in its first year of operation, the bank will open its new cryptocurrency services to a limited group of 60.000 Colombian clients, with plans for expansion in the future.
Colombia is optimistic about the potential of blockchain and cryptocurrencies
Colombia has positioned itself among the 20 countries in the world with the greatest interest in cryptocurrencies, according to the Global Cryptocurrency Adoption Index published by Chainalysis. However, beyond the interest of its population in crypto assets, the government has made important advances in regards to cryptocurrency innovation and what new technologies can bring to the country and to Latin America.
From the creation of a central bank digital currency (CBDC), to the creation of a regulatory framework for exchange platforms, to the acceptance of cryptocurrencies as a means of payment in supermarket chains such as Jumbo, and the adoption of blockchain technology at the government level to promote transparency and minimize corruption, Colombia has been making great strides to welcome cryptocurrencies and their innovation. So far, the country has been one of the most favorable to the responsible development and growth of crypto assets.
Continue reading: Almost 700 businesses in Colombia accept payments with Bitcoin and cryptocurrencies
