Colombia’s largest bank taps Chainlink for stablecoin transparency

Source: Crypto Briefing

Wenia, a digital asset company under the Bancolombia Group, has integrated Chainlink’s Proof of Reserve (PoR) to enhance transparency for its Colombian peso-backed stablecoin (COPW). The integration aims to provide users with real-time visibility into the stablecoin’s reserves and protect against potential infinite mint attacks.

“This initiative marks a significant milestone in Colombia’s digital asset landscape, highlighting the growing adoption and integration of cryptocurrencies in the country’s financial ecosystem,” stated Pablo Arboleda, CEO of Wenia.

According to the announcement, the collaboration addresses the growing demand for stablecoins in Colombia, where they account for 31% of crypto acquisitions. Monthly crypto transactions in the country are estimated at $200 million, ranking Colombia 32nd globally and 4th in Latin America for crypto adoption.

Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, commented that “Chainlink is excited to provide end-to-end transparency for Wenia’s Colombian Peso stablecoin reserves and help to protect its users from infinite mint attacks.”

Notably, data from Statista points out Bancolombia as the largest bank in Colombia, with nearly $9 billion in assets and nearly 16 million customers. Through Wenia, its crypto-focused company, users can now buy, sell, and convert COPW to Bitcoin, Ethereum, MATIC, and USDC directly in the Wenia App.

Additionally, the company plans to expand its collaboration with Chainlink to include Price Feeds for market data and CCIP for cross-chain interoperability.

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Author: Gino Matos