Num Finance launches stablecoin pegged to Colombian Peso on Polygon.

Num Finance launches stablecoin pegged to Colombian Peso on Polygon.

The Rise of Stablecoin Issuance in the Latin American Market

The blockchain industry continues to expand its reach, with stablecoin issuance being one of the key drivers of growth. Num Finance, a stablecoin issuer focused on the Latin American market, has recently launched a new stablecoin called nCOP. This stablecoin is pegged to the Colombian Peso and aims to bring the benefits of borderless transactions to the Colombian remittances market.

A Unique Opportunity to Tokenize Remittances

Colombia is one of Latin America’s top remittances markets, with nearly $6.5 billion of inflows. Recognizing this, Num Finance saw a unique opportunity to tokenize remittances and offer them a yield in nCOP, based on regulated financial products. By doing so, Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and earn a yield on it.

“In Colombia, there exists a unique opportunity to tokenize remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and earn a yield on it,” explained Num Finance CEO Agustín Liserra.

Num Finance’s Footprint in Latin America

nCOP is an overcollateralized stablecoin pegged 1:1 to the Colombian Peso, providing people in the region with a robust, stable, and secure channel for sending and receiving funds. In addition to facilitating transactions, nCOP also enables companies to tap into real-time settlements, bringing efficiency to cash management.

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One of the distinctive features of nCOP is the yield it offers. Token holders of nCOP will receive rewards from regulated financial products, adding an additional incentive to hold and use the stablecoin. This feature aligns with the growing trend of decentralized finance (DeFi), which aims to bring traditional financial services to the blockchain ecosystem.

Num Finance’s foray into the Latin American market goes beyond nCOP. The company has also issued stablecoins pegged to the Argentine Peso (nARS) and Peruvian Sol (nPEN), further expanding its presence and providing stability to the region’s economies.

The Journey of Num Finance

Started in 2021, Num Finance has quickly made its mark in the blockchain industry. In May, the company successfully closed a pre-seed funding round, raising $1.5 million. The funding was led by Reserve, a prominent crypto project, and attracted participation from notable investors such as H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.

Num Finance’s progress showcases the growing confidence in stablecoins and their potential to revolutionize financial systems. By digitizing traditional currencies and leveraging the transparency and security of blockchain technology, stablecoins like nCOP offer a new way for individuals and businesses to transact and manage their finances.

In conclusion, Num Finance’s launch of nCOP is a significant step for the blockchain industry, particularly in the Latin American market. It not only provides a stable and secure channel for remittances but also introduces innovative features like yield rewards. As the blockchain ecosystem continues to mature, stablecoins are likely to play an increasingly influential role in the global financial system.

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