Num Finance, a stablecoin issuing company focused on the Latin America market, has launched a new stabilcoin pegged with the Colombian Peso. The new stablecoin, dubbed the nCOP, is released on the Polygon network, Num Finance’s blockchain partner, and is designed to bring the benefits of borderless transactions to the Colombian remittances market.
Agustín Liserra, from Num Finance, said: “In Colombia, there exists a unique opportunity to “tokenize” remittances and offer a yield in the form of nCOPs, based upon regulated financial products. Colombia is the largest recipient of remittances from overseas in Latin America, with nearly USD 6.5 Billion in foreign direct investment. The aim is to offer a new way for people to send nCOP and receive it as remittances, and earn a return on them.”
The nCOP stablecoin will be overcollateralized, pegged to the Colombian Peso and provide people in the area with a reliable, stable, and secure way to send and receive money. The stablecoin system will allow businesses to access real-time settlements, thus improving the efficiency of cash management. Additionally, the nCOP token will have a yielding feature, where holders of the tokens receive rewards for using regulated financial products.
In addition to the Colombian peso-pegged stablecoin, Num Finance also issued nARS, pegged to Argentine Peso, and nPEN pegged on Peruvian Sol. The company launched in 2021, raised $1.5M in a closed pre-seed round, among the investors who have shown interest in H20 Scouter Fund, Ripio Ventures and Auth0 CTO Matias Woloski.