Num Finance, a stablecoin issuer focused on the Latin America market, has launched a new stablecoin pegged to the Colombian Peso. The new stablecoin is dubbed nCOP and will be issued on the Polygon network, Num Finance’s blockchain partner, and is designed to bring the benefits of borderless transactions to the Colombian remittances market. Num Finance will also offer a yield feature for nCOP, with token holders getting rewards from regulated financial products.On-chain sleuths have linked the deployer address of Magnate Finance, the DeFi protocol on Base that just rug pulled with $6.5 million worth of user assets. According to BeosinAlert, a Web3 real-time risk alert platform, the deployer address of Magnate Finance is connected to two previous rug pulls – a $4.8 Solfire scam executed in January 23, 2022 and the $5.5 million rug pull of Kokomo Finance that occurred on March 27, 2023. The three rug pulls netted the scammers a total of $16.7 million.Num Finance has also issued nARS and nPEN, which are pegged to the Argentine Peso and Peruvian Sol. The company launched in 2021 and raised $1.5 million in a pre-seed funding round closed in May. The capital financing was led by crypto project Reserve and attracted several investors including H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.Num Finance’s new stablecoin nCOP adds to the nARS and nPEN pegged on Argentina Peso and Peruvian Sol. Colombia is one of Latin America’s top remittances markets with nearly $6.5 billion of inflows. The stablecoin is designed to bring the benefits of borderless transactions to the Colombian remittances market and enable companies to tap into real time settlements, bringing efficiency to cash management.
| Information |
Details |
| Geography |
South America |
| Countries |
🇨🇴 🇦🇷 🇵🇪 |
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Matias Woloski, Agustín Liserra, ZachXBT, BeosinAlert, Reserve. |
| Companies |
H20 Scouter Fund, Ripio Ventures, Auth0, Num Finance, Polygon |
| Currencies |
Colombian Peso (COP), Argentine Peso (ARS), Peruvian Sol (PEN), Bitcoin (BTC), Ethereum (ETH) |
| Securities |
None |
