- Num Finance’s new stablecoin nCOP adds to the nARS and nPEN pegged on Argentina Peso and Peruvian Sol.
- Colombia is one of Latin America’s top remittances markets with nearly $6.5 billion of inflows.
Num Finance, a stablecoin issuer focused on the Latin America market, has launched a new stablecoin pegged to the Colombian Peso.
The new stablecoin is dubbed nCOP and will be issued on the Polygon network, Num Finance’s blockchain partner, and is designed to bring the benefits of borderless transactions to the Colombian remittances market.
“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 get a yield on it,” Num Finance CEO Agustín Liserra said in a blog release.
Num Finance’s footprint in Latin America
nCOP will be an overcollateralized stablecoin pegged 1:1 to the Colombian Peso and will offer people in the region a robust, stable and secure channel to send and receive funds. The stablecoin will also enable companies to tap into real time settlements, bringing efficiency to cash management.
Num Finance will also offer a yield feature for nCOP, with token holders getting rewards from regulated financial products.
Other than the Colombian peso-pegged stablecoin, Num Finance also issued nARS and nPEN, which are pegged to the Argentine Peso and Peruvian Sol.
The company launched in 2021 and raised $1.5 million in a pre-seed funding round closed in May. The capital financing was led by crypto project Reserve and attracted several investors including H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.