Key Takeaways
- Num Finance unveils nCOP, a stablecoin pegged to the Colombian Peso, aimed at transforming digital finance in Latin America.
- Designed for everyday use, nCOP empowers users in emerging markets with innovative digital financial tools, fostering financial inclusion and borderless transactions.
- With assets surpassing its issued value, nCOP ensures robust stability and security, reducing volatility’s impact and enabling efficient cross-border remittances and settlements.
- As a leading issuer of local stablecoins, Num Finance continues its expansion, offering cutting-edge financial solutions and pioneering digital asset tokenization in emerging markets.
Num Finance, a prominent issuer of local stablecoins in Latin America, has unveiled its latest stablecoin called nCOP. This stablecoin is designed to be pegged to the Colombian Peso and is now accessible on the Polygon network, which is the primary blockchain partner of Num Finance.
The introduction of nCOP is a significant step in expanding the Num Network, an evolving ecosystem developed to empower individuals to manage, transact, earn, and save money in emerging markets. With a specific focus on the Latin American region, the Num Network equips users with innovative digital financial tools for their everyday needs.
nCOP functions as an overcollateralized stablecoin, meaning that the value of the assets held in reserve exceeds the value of the stablecoins issued. This design ensures strong stability and heightened security for users. The stablecoin facilitates cross-border transactions, mitigates the impact of price volatility, and promotes financial inclusion within the region by providing advanced financial solutions.
Moreover, nCOP offers new opportunities for seamless remittances and settlements between individuals and businesses. This is due to the fact that nCOP can be exchanged for Colombian pesos at a 1:1 ratio, facilitating efficient cross-border transactions.
Agustín Liserra, the CEO of Num Finance, highlighted the potential to tokenize remittances in Colombia and offer yields in nCOP based on regulated financial products. Colombia is a significant recipient of remittances in Latin America, and Num Finance seeks to provide a novel method for people to send and receive nCOP as remittances while earning a yield on their holdings.
Num Finance, established in 2021 by experts in the decentralized finance (DeFi) industry, initially gained traction by introducing stablecoins like nARS (pegged to the Argentine Peso) and nPEN (pegged to the Peruvian Sol). With recent funding from a pre-seed funding round, Num Finance continues its rapid expansion by launching stablecoins in new regions and exploring the digital asset tokenization market, including the substantial money markets sector.
The release of nCOP marks another advancement in Num Finance’s goal of bringing modern financial technology to areas where traditional finance practices are outdated. The company expresses appreciation for the consistent support shown by investors in their long-term vision.
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