Num Finance, a stablecoin issuer focused on the Latin American market, has launched a new stablecoin called nCOP. The nCOP stablecoin is pegged to the Colombian Peso and will be issued on the Polygon network, Num Finance’s blockchain partner. The goal of nCOP is to enable borderless transactions in the Colombian remittances market.
According to Num Finance CEO Agustín Liserra, “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 $6.5 billion flowing into the country.”
nCOP will be an overcollateralized stablecoin, pegged 1:1 to the Colombian Peso, providing a secure and stable channel for people to send and receive funds. The stablecoin will also offer a yield feature, allowing token holders to earn rewards from regulated financial products.
In addition to nCOP, Num Finance has previously launched stablecoins pegged to the Argentine Peso (nARS) and the Peruvian Sol (nPEN).
Num Finance raised $1.5 million in a pre-seed funding round, with investment from crypto project Reserve, H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.

Num Finance’s Footprint in Latin America

nCOP, the new stablecoin from Num Finance, is part of the company’s efforts to expand its presence in the Latin American market. With stablecoins pegged to currencies like the Argentine Peso, Peruvian Sol, and now the Colombian Peso, Num Finance aims to provide a secure and efficient platform for cross-border transactions and remittances in the region. By leveraging the benefits of blockchain technology, Num Finance seeks to bring financial inclusion and yield opportunities to millions of people in Latin America.

Frequently Asked Questions (FAQ)

What is nCOP?
nCOP is a stablecoin issued by Num Finance that is pegged 1:1 to the Colombian Peso. It is designed to facilitate borderless transactions and bring the benefits of blockchain technology to the Colombian remittances market.

What is the purpose of nCOP?
The purpose of nCOP is to provide a stable, secure, and efficient channel for sending and receiving funds in the Colombian remittances market. It also offers a yield feature, allowing token holders to earn rewards from regulated financial products.

How does Num Finance ensure stability for nCOP?
nCOP is an overcollateralized stablecoin, meaning that it is backed by assets held in reserves. This ensures that there is sufficient collateral to maintain the stable value of nCOP at a 1:1 ratio with the Colombian Peso.

What are the other stablecoins issued by Num Finance?
In addition to nCOP, Num Finance has previously issued stablecoins pegged to the Argentine Peso (nARS) and the Peruvian Sol (nPEN).

Who are the investors of Num Finance?
Num Finance raised $1.5 million in a pre-seed funding round. The investment was led by crypto project Reserve and attracted several investors, including H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.

Summary

Num Finance has launched a new stablecoin called nCOP, which is pegged 1:1 to the Colombian Peso. The stablecoin is designed to facilitate borderless transactions and bring the benefits of blockchain technology to the Colombian remittances market. It also offers a yield feature that allows token holders to earn rewards from regulated financial products. In addition to nCOP, Num Finance has previously issued stablecoins pegged to the Argentine Peso and the Peruvian Sol. The company aims to provide a secure and efficient platform for cross-border transactions and remittances in Latin America. Num Finance raised $1.5 million in a pre-seed funding round, with investment from crypto project Reserve and other prominent investors.