Num Finance launches nCOP stablecoin, empowering colombian workers with remittance tokenization

Num Finance, the leading issuer of local stablecoins in Latin America, has launched its newest stablecoin, nCOP. Designed to be pegged to the Colombian Peso, nCOP is now live on the Polygon network, Num Finance’s primary blockchain partner.

This launch represents a major expansion of the Num Network, the project’s growing ecosystem designed to enable people to move, pay, earn and save money in emerging markets. With a strong focus on Latin America, the Num Network provides users with innovative digital financial tools for everyday use. 

As an overcollateralized stablecoin – with the value of reserve assets exceeding the value of the stablecoin issued – nCOP offers robust stability and enhanced security to its users. It enables borderless transactions, mitigates the impact of volatility, and fosters financial inclusion in the region by delivering top-tier financial solutions. 

Additionally, nCOP opens avenues for seamless remittance and settlements between companies and people, facilitating efficient cross-border transactions since nCOP can be exchanged for Colombian pesos at a 1:1 ratio. 

Agustín Liserra, CEO of Num Finance, said: “In Colombia, there exists a unique opportunity to tokenize remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it.”

Founded in 2021 by DeFi industry veterans, Num Finance gained initial traction by introducing nARS and nPEN, stablecoins pegged to the Argentine Peso and Peruvian Sol, respectively. With the recent infusion of capital from its pre-seed funding round, Num Finance continues its rapid expansion by introducing stablecoin offerings in new territories. Additionally, Num Finance is venturing into the digital asset tokenization market, including the money markets sector, which boasts a staggering USD 1 trillion market.

“The launch of nCOP represents another stride in our journey to bringing state-of-the-art financial technology to areas where conventional finance remains mired in outdated practices. As we expand our stablecoin offerings, we are continually encouraged by the unwavering confidence our investors have demonstrated in our long-term vision,” concluded Liserra.

See more: GPTDefinity: The Intersection of AI and Crypto Trading

See more: Nokia on track to be first technology Buy America compliant vendor

See more: Banks to be fined for free cash access failure