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Bancolombia, Colombia’s largest bank launches stablecoin, crypto offering

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Earlier this month, the Bancolombia group unveiled Wenia, its innovative cryptocurrency offering. Given that Colombia is Latin America’s third most populous country after Brazil and Mexico, Wenia has the potential for significant reach. The bank aims to target 60,000 users in its first year. Besides offering cryptocurrencies, Wenia is launching its own stablecoin, COPW, which will be backed 1:1 by the Colombian Peso.

Unique Regulatory and Operational Framework
One of the distinctive aspects of Wenia is that it will not be regulated in Colombia. Although it primarily targets Colombian citizens, Wenia is registered in Bermuda and holds a license from the Bermuda Monetary Authority. The service’s website emphasizes its independence from Bancolombia, describing 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.

Colombia’s Crypto Landscape
According to Chainalysis, Colombia ranks as Latin America’s fourth most crypto-active country, following Brazil, Mexico, and Argentina. Although Argentina’s economic challenges have spurred greater crypto adoption, Colombia remains a significant player in the region’s crypto ecosystem.

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While Colombians generally cannot hold US dollar bank accounts, Wenia plans to support the USDC stablecoin alongside Bitcoin, Ether, and Polygon’s Matic. Despite the relative stability of the Colombian peso exchange rate in recent years, the introduction of the COPW stablecoin could offer a new dimension of financial stability and flexibility.

COPW Stablecoin: Conventional Backing and Blockchain Integration
The COPW stablecoin will be issued on the Polygon blockchain, backed by deposits and other assets, including treasuries. Unlike tokenized deposits, COPW represents a conventional stablecoin model, aligning with Wenia’s independent positioning. Wenia has partnered with Alphapoint to provide the necessary technology for crypto trading.

Colombia’s Blockchain Initiatives
Colombia has been proactive in the blockchain space. The central bank is trialing Ripple’s technology for high-value payments, and the Bolsa de Valores de Colombia (bvc) is exploring blockchain for its digitally native crowdfunding platform, a2censo.

Wenia’s launch by the Bancolombia group marks a significant step in Colombia’s evolving crypto landscape. By targeting a substantial user base and introducing the COPW stablecoin, Wenia aims to enhance financial inclusion and accessibility. Its unique regulatory approach and strategic partnerships position it well to navigate the dynamic crypto market in Colombia and beyond.

Source: ledgerinsights.com

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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