Bancolombia Launches Wenia for Digital Asset Trading

> The platform will allow clients to engage in various transactions with digital assets, including a new digital currency pegged to the Colombian peso.

Through its digital platform, Wenia will enable Bancolombia’s clients to buy, sell, convert, receive, and send various digital assets, including the newly introduced COPW, a digital asset pegged 1:1 with the Colombian peso.

The establishment of Wenia marks a significant step for Bancolombia in diversifying its financial services and embracing the digital economy. This initiative aligns with global financial trends and addresses the growing demand for digital financial solutions among consumers. Notably, Wenia operates under a Class F license granted by the Bermuda Monetary Authority, adhering to the rigorous standards set by the Digital Asset Business Act of 2018 of Bermuda. This regulatory framework ensures that Wenia’s operations meet high standards of security and transparency.

Importantly, the creation of Wenia and its operations will not expose the wider Bancolombia Group to the risks associated with digital assets, as the subsidiary operates independently with its own compliance and regulatory frameworks. This strategic move allows Bancolombia to offer innovative digital services without compromising the stability and reliability for which it is known.