Introducing nCOP: Colombia’s Leading Stablecoin Built on Polygon Network

In the ever-evolving world of stablecoins, companies are exploring the potential of launching native currency-backed stablecoins. Num Finance, a small Argentine fintech company, recently unveiled nCOP, a stablecoin linked to the Colombian Peso, built on the Polygon network.

Backed by a pre-seed round worth $1.5 million, with investors including Reserve and Ripio Ventures, Num Finance aims to offer an alternative to traditional payment services by providing an innovative stablecoin option.

Targeting a Multi-Billion-Dollar Market

With the Colombian market being one of the largest local markets, Num Finance CEO Agustín Liserra saw an opportunity to tokenize remittances and offer yield through nCOP. Colombia is one of the major recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country. By enabling people to send and receive nCOP as remittances, Num Finance hopes to provide users with a yield on their transactions.

nCOP will reportedly offer yields of 8% to companies that choose the stablecoin for their remittance needs, making it an attractive option.

Current and Future Plans

Num Finance has a strong dedication to bringing advanced financial technology to markets where conventional finance is lagging. This commitment is reflected in their stablecoin offerings and future plans.

The launch of nCOP represents another step forward in Num Finance’s long-term vision. The company has previously launched stablecoins linked to the Argentine peso (nARS) and the Peruvian sol (nPEN). Looking ahead, Num Finance is exploring the possibility of stablecoins linked to the Mexican peso, the Brazilian real, and the Bahraini dinar.

Competition may soon arise in the form of a homebrew Peruvian stablecoin. The Colombian central bank is currently exploring a potential collaboration with Ripple and Spanish blockchain firm Peersyst Technology to launch an XRPL-based stablecoin.

The Future of Stablecoins in Colombia

The introduction of nCOP marks a significant development in Colombia’s stablecoin market. By offering an alternative to traditional payment services and remittance methods, Num Finance aims to bring financial innovation and convenience to the country’s residents and businesses.

As the stablecoin market continues to grow and evolve, it will be interesting to see how Num Finance’s nCOP competes with other stablecoins and the potential XRPL-based stablecoin from the Colombian central bank.

Overall, stablecoins provide a promising solution for cross-border transactions and remittances, offering speed, security, and convenience. With the launch of nCOP, Num Finance is positioning itself as a key player in Colombia’s stablecoin ecosystem.