Earlier this month the Bancolombia group unveiled Wenia, its new cryptocurrency offering. The service could have a wide reach since Colombia is Latin America’s third most populous country after Brazil and Mexico. That said, the bank is targeting 60,000 users in its first year. In addition to offering cryptocurrencies, the bank is launching its own stablecoin, COPW, 1:1 backed by the Colombian Pesos.
One of the more unusual aspects of the launch is that Wenia will not be regulated in Colombia. Despite initially targeting Colombian citizens, it is registered in Bermuda and holds a license from the Bermuda Monetary Authority. Its website emphasizes that it’s independent of Bancolombia, and describes itself as ‘an idea of Grupo Bancolombia’.
“Our purpose is to help people connect with the crypto side in a more accessible, inclusive and efficient way,” said Pablo Arboleda, CEO of Wenia.
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