nCOP: Empowering Colombian Remittances and Payments through Blockchain Innovation
Despite the dominance of USD-pegged assets in the stablecoin market, a growing trend has emerged worldwide. Various companies are entering the arena with stablecoins tied to their native currencies, aiming to provide an alternative to conventional payment services.
Enterprising among these is Num Finance, a modest Argentine fintech enterprise that has recently unveiled nCOP. This stablecoin operates on the Polygon network and is closely associated with the Colombian Peso.
To nurture this endeavor, Num Finance secured a pre-seed funding round amounting to $1.5 million. This substantial support was rallied by influential backers including Reserve, Ripio Ventures, and other discerning investors.
Unlocking a Lucrative Market
Agustín Liserra, CEO of Num Finance, shared insights into their strategic approach, singling out the Colombian market due to its sheer scale and influence.
"In Colombia, an exceptional opening exists to tokenize remittances, furnishing them with a nCOP-based yield hinged on regulated financial instruments. The realm of remittances is currently a booming domain in Latin America, channeling an impressive $6.5 billion into Colombia. Num Finance envisions a novel channel for remittance transfer and yield generation through nCOP."
Evidently, opting for nCOP can yield an 8% return for businesses that opt for it instead of traditional remittance channels.
Present Endeavors and Forthcoming Trajectories
Liserra passionately reiterated his company's commitment to revolutionizing business methods, particularly in markets where conventional financial paradigms are struggling to keep pace with technology.
"The introduction of nCOP symbolizes our continuous march towards infusing cutting-edge financial technology into sectors still entwined with archaic conventions. As we broaden our array of stablecoins, the steadfast faith our investors place in our far-reaching vision continues to embolden us."
Num Finance's repertoire encompasses prior rollouts like nARS and nPEN, both linked to the Argentine peso and Peruvian sol respectively. As per a company spokesperson, Num Finance is actively exploring stablecoin possibilities involving the Mexican peso, Brazilian real, and Bahraini dinar.
Yet, the horizon might soon introduce a challenge for Num Finance in the form of a grassroots Peruvian stablecoin initiative.