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- Num Finance’s new stablecoin nCOP provides to the nARS and nPEN pegged on Argentina Peso and Peruvian Sol.
- Colombia is one among Latin America’s prime remittances markets with almost $6.5 billion of inflows.
Num Finance, a stablecoin issuer targeted on the Latin America market, has launched a brand new stablecoin pegged to the Colombian Peso.
The brand new stablecoin is dubbed nCOP and will probably be issued on the Polygon community, Num Finance’s blockchain associate, and is designed to deliver the advantages of borderless transactions to the Colombian remittances market.
“In Colombia, there exists a novel alternative to “tokenize” remittances and supply them a yield in nCOP, based mostly on regulated monetary merchandise. At present, Colombia is likely one of the fundamental recipients of remittances in Latin America, with almost USD 6.5 billion flowing into the nation. Num Finance goals to offer a brand new chance for individuals to ship and obtain nCOP as remittances and get a yield on it,” Num Finance CEO Agustín Liserra mentioned in a weblog launch.
Num Finance’s footprint in Latin America
nCOP will probably be an overcollateralized stablecoin pegged 1:1 to the Colombian Peso and can supply individuals within the area a strong, steady and safe channel to ship and obtain funds. The stablecoin may also allow firms to faucet into actual time settlements, bringing effectivity to money administration.
Num Finance may also supply a yield characteristic for nCOP, with token holders getting rewards from regulated monetary merchandise.
Apart from the Colombian peso-pegged stablecoin, Num Finance additionally issued nARS and nPEN, that are pegged to the Argentine Peso and Peruvian Sol.
The corporate launched in 2021 and raised $1.5 million in a pre-seed funding spherical closed in Could. The capital financing was led by crypto venture Reserve and attracted a number of buyers together with H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.