The largest bank in Colombia, Bancolombia Group, has ventured into the world of cryptocurrency with the launch of a new crypto exchange known as Wenia. The platform's primary goal is to attract 60,000 users within its first year of operation and compete with industry giants like Binance and Bitso.

In addition to the crypto exchange, the Colombian bank has introduced its own peso stablecoin named COPW, which is pegged to the Colombian peso at a 1:1 ratio. This stablecoin will serve as a convenient entry point for users interested in trading on the exchange. Besides COPW, Weina will support the trading of popular cryptocurrencies such as Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Polygon (MATIC). Access to the platform is limited to Colombian citizens residing in the country.

Bancolombia Group aims to tap into Colombia's growing cryptocurrency market by catering to both novice and experienced traders through its crypto platform. The country currently ranks third in Latin America for crypto adoption according to the 2023 Global Crypto Adoption Index.

The bank's president, Juan Carlos Mora, revealed in an interview with Forbes that they have been developing the crypto platform for nearly ten years to promote the use of digital assets and blockchain technology.

While announcing these initiatives, Bancolombia Group emphasized the risks associated with trading digital assets. The bank clarified that the listed crypto assets are not government-backed securities and carry inherent risks such as price volatility and potential losses. Moreover, it was reiterated that entities within the Bancolombia Group will not directly engage in digital asset exposure.

According to a post on LinkedIn by a legal expert, Wenia is an independent entity registered outside Colombia in Bermuda and operates under the laws of that jurisdiction. Any legal disputes or claims related to the platform will be resolved through the courts of Bermuda, not involving Bancolombia directly.