Wenia, a digital asset firm affiliated with the Bancolombia Group, has incorporated Chainlink’s Proof of Reserve (PoR) to enhance transparency for their stablecoin, which is backed by the Colombian peso (COPW).
The integration seeks to offer immediate and up-to-date insight into the stablecoin’s reserves and safeguard against unlimited minting threats.
Pablo Arboleda, the CEO of Wenia, expressed his admiration for the collaboration, considering it a major achievement in Colombia’s digital asset industry. Colombia represents 31% of cryptocurrency purchases, placing it 32nd worldwide and 4th in Latin America in terms of cryptocurrency usage.
Angela Walker from Chainlink Labs showed enthusiasm for ensuring complete transparency for Wenia’s reserves of the Colombian Peso stablecoin and safeguarding users against endless mint threats.
Bancolombia, the main financial institution in Colombia, possesses assets amounting to roughly $9 billion and serves a customer base of approximately 16 million individuals.
Wenia intends to broaden its partnership with Chainlink by incorporating Price Feeds to obtain market data and CCIP for achieving cross-chain interoperability.
