Bancolombia, the largest bank in Colombia, has made a significant move into the world of cryptocurrencies by launching their own crypto exchange named Wenia.

The Wenia crypto exchange aims to become a key player in the crypto market, competing with established platforms like Binance and Bitso. It plans to onboard 60,000 users within its first year of operation and will support the trading of various cryptocurrencies such as Bitcoin, Ether, USD Coin, and Polygon’s MATIC.

Although the platform is only accessible to Colombian nationals within the country, Bancolombia emphasized the risks associated with trading digital assets. They clarified that no Bancolombia Group entity will be involved in digital assets transactions.

Moreover, the exchange operates as an independent entity registered outside Colombia in Bermuda. Therefore, any disputes or claims will fall under Bermuda’s jurisdiction, with resolution sought through Wenia.

In addition to launching the crypto exchange, Bancolombia has introduced a stablecoin named COPW, pegged to the Colombian peso. The stablecoin serves as an onboarding solution for users of the Wenia exchange.

The President of Bancolombia, Juan Carlos Mora, highlighted the bank’s commitment to promoting the adoption of digital assets and blockchain technology. Colombia's strong position in Latin America in terms of crypto adoption further underscores the potential market demand for Bancolombia’s venture into the crypto sector.