Num is introducing a stablecoin pegged to the Colombian Peso. It already has stablecoins pegged to the Argentine Peso and Peruvian Sol.
Called nCOP, the overcollateralized stablecoin will enable companies with real time settlements and make cash management more efficient without foreign exchange risk. The token can be exchanged for Colombian pesos at a 1:1 ratio.
"Colombia is one of the main recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country," Num Finance CEO Agustín Liserra said in a."Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and get a yield on it." The stablecoin features what Num Finance says is a yield feature that will allow users to receive nCOP rewards"based on regulated financial products."Num Finance has previously introduced stablecoins pegged to the Argentine Peso and Peruvian Sol.
"The launch of nCOP represents another stride in our commitment to bringing state-of-the-art financial technology to areas where conventional finance remains mired in outdated practices," Liserra continued. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Colombian Peso Stablecoin Goes Live on Polygon, Aiming for $10B Remittances MarketNum Finance already issues stablecoins pegged to the Argentine and Peruvian local currencies.
Read more »
Welcome to 'El Petronio,' the biggest celebration of Afro-Colombian music and cultureThe Petronio Alvarez Festival has been the biggest source of income for artists, cooks and vendors in the Pacific region. But some critics say they want the festival to return to its roots.
Read more »
Welcome to 'El Petronio,' the biggest celebration of Afro-Colombian music and cultureThe Petronio Alvarez Festival has been the biggest source of income for artists, cooks and vendors in the Pacific region. But some critics say they want the festival to return to its roots.
Read more »
Meet Ryan Castro, the rising Latin superstar who calls himself a 'humble man with big dreams'The Colombian singer is cementing his name in music with collaborations with Karol G, Peso Pluma and more.
Read more »
‘Pichuco’ Director Martín Turnes Unpackages ‘El Agrónomo,’ a Sustainable Production Plumbing Agro-Industry PollutionArgentine director Martín Turnes, whose feature “Pichuco” snagged the Argentine Film Critic Association’s Silver Condor Award for best documentary in 2015, is bringing his first full-length fiction…
Read more »
USD/MXN Price Analysis: Mexican Peso buyers eye 16.70 despite adverse RSI conditionsUSD/MXN seesaws around 16.80 as bears take a breather at a three-week low during early Thursday, after declining for six consecutive days. In doing so
Read more »