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Polygon Welcomes Launch of Colombian Peso Stablecoin, Targeting $10B Remittances Market

Aug 25, 2023 at 04:07 pm

Num Finance, a reputable player in the stablecoin sector, has introduced an innovative token that is intricately tied to the Colombian peso and seamlessly operates within the Polygon network. This groundbreaking token, aptly named nCOP, derives its inherent value from an abundant reserve of assets, extending a streamlined avenue for both individuals and businesses to engage in transfers, execute payments, accumulate earnings, and securely safeguard their funds by harnessing the capabilities of blockchain technology. The pivotal announcement of this significant stride forward took center stage through an official press release disseminated on Thursday.

This ongoing development unfolds within the backdrop of a mounting appetite for stablecoins, a specialized subset of digital assets valued at an impressive $124 billion. Their prominence is particularly evident within regions characterized by intricate financial systems, notably within the realms of Latin America and Turkey. Serving a dual purpose, these digital currencies facilitate the efficient transfer of remittances while concurrently serving as a steadfast store of value. This role is underscored in a thorough and comprehensive report by Chainalysis, a distinguished leader in the realm of cryptocurrency research.

Agustín Liserra, holding the esteemed position of Chief Executive Officer at Num Finance, offered valuable insights, stating, "Colombia presently occupies a pivotal role as a central hub for remittance inflows throughout the broader Latin American landscape. With the nation receiving an impressive influx of nearly $10 billion, Num Finance stands committed to carving out an innovative pathway for individuals to seamlessly send and receive nCOP as remittances, all while benefiting from an additional yield on their holdings."

Num Finance's track record shines brightly, encompassing the successful launch of stablecoins firmly pegged to the Argentine peso and the Peruvian sol. Adding to their impressive portfolio, the company has elucidated its strategic vision, aimed at introducing analogous offerings tied to local currencies across an array of diverse countries, including notable nations like Brazil, Mexico, and Bahrain.

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