Num Finance aims to revolutionise remittances through Colombian peso stablecoin

Num Finance unveils nCOP stablecoin pegged to the Colombian Peso, introducing a transformative approach to remittances in a $6.5 billion market

By Shashank Bhardwaj

Published: Aug 25, 2023 01:27:40 PM IST

Updated: Aug 27, 2023 01:37:07 PM IST

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Num Finance, headquartered in Argentina, has unveiled its latest venture, a stablecoin dubbed nCOP, pegged to the Colombian peso. This innovative Polygon-based stablecoin aims to revolutionise the remittance market, particularly in Colombia, where over $6.5 billion is received annually in remittances.

Building on its previous successes with nARS (pegged to the Argentine peso) and nPEN (pegged to the Peruvian sol), Num Finance's nCOP will simplify real-time settlements and enhance cash management, all while minimising foreign exchange risks. This launch is strategically timed to meet the growing demand for stablecoins, especially in regions with less robust financial systems.

The CEO of Num Finance, Agustín Liserra, emphasised, "Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it." As the remittance landscape evolves, nCOP could offer a simplified and efficient means of transactions, payments, earnings, and savings through blockchain technology. With a yield feature incorporated, nCOP also allows users to earn rewards based on regulated financial products.

With a recent $1.5 million pre-seed funding round led by the Reserve protocol in May, Num Finance is well-positioned to expand its innovative offerings. The stablecoin landscape is quickly evolving, and Num Finance's nCOP aligns with the global trend of embracing digital assets for cross-border transactions and as reliable stores of value.

Num Finance's strategic move to introduce nCOP in the Colombian market not only addresses the changing financial dynamics but also acts as a catalyst for reshaping traditional financial norms, fostering inclusivity and innovation in emerging economies characterised by diverse financial needs.

With the evolving crypto regulatory environment around the globe and the subsequent impact on financial markets across regions, global crypto enthusiasts’ eyes will be peeled on the success of this recent development.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash