August 24, 2023 – This important development represents a major step forward in the growth of Num Network. This comprehensive ecosystem is designed to provide users in Latin America with innovative digital financial tools for everyday use.

As an overcollateralized stablecoin, nCOP offers robust stability and enhanced security to its users enabling borderless transactions and fostering financial inclusion in the region by delivering an easy way to send and receive remittances. Moreover, nCOP enables companies with real time settlements, which makes cash management more efficient. This is possible because there is no foreign exchange risk involved, as nCOP can be exchanged for Colombian pesos at a 1:1 ratio. Also, this launch involves the Num yield feature, a unique aspect of nCOP which allows users to receive nCOP rewards based on regulated financial products.

A unique opportunity for nCOP

“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 6.5 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and get a yield on it,” shared Agustín Liserra, CEO of Num Finance.

Founded in 2021 by DeFi industry experts, 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 funding round, Num Finance continues its rapid expansion by introducing stablecoin offerings in new territories. Notably, 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our commitment to bringing state-of-the-art financial technology to areas where conventional finance remains mired in outdated practices.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 in our long-term vision,” concluded Liserra.