Bancolombia’s cryptocurrency platform, Wenia, announced the upcoming launch of WeniaCard, a payment card that will allow users of the platform to use their crypto assets to make purchases at any merchant that accepts MasterCard.
This card will be exclusively digital and compatible with Apple Pay and Google Pay, which will facilitate integration with users’ mobile devices, allowing fast and secure payments without the need to physically carry the cardaccording to the CEO of the entity, Pablo Arboleda.
The WeniaCard joins Bancolombia’s growing offering of digital financial solutions, standing out as an innovative tool in the Colombian cryptocurrency market.
Arboleda highlighted that “the adoption of crypto assets in Colombia has immense potential.” And although approximately 6 million Colombians already interact with crypto assetsthe Wenia user profile tends to be more banked and digitalizedsuggesting an opportunity to educate and expand the use of these assets among a broader audience.
In addition to the card announcement, Wenia also reported on the reduction of the commission for conversions between digital assets, falling from 0.6% to 0.1% since October 2.
“The reduction in fees is relevant for greater adoption and use of our users’ digital assets,” said Arboleda, underlining the importance of making these services more accessible, Forbes reports.
In the cryptocurrency landscape, Wenia has recently expanded its portfolio by incorporating the Solana networkan asset that in just one month has reached 22% of its transactions, only surpassed by bitcoin with 35%. ether (ETH) and polygon (POL) are also available on the platform, diversifying the options for users.
For clients who own COPW, a stablecoin linked to the value of the Colombian peso, and have an account at Bancolombia, The conversion and use of this asset does not incur additional coststhus facilitating the transition towards a more digital economy.
Wenia, launched in May 2024 as the cryptoasset arm of Bancolombia, has been conceived as an online platform that not only allows the purchase and sale of cryptoassets such as BTC, ETH, POL, USDC, and COPW, but also their conversion, receipt and shipment. This platform aligns with the global trend towards the digitalization of assets, offering Colombians a way to integrate cryptocurrencies into their daily lives.
The WeniaCard joins a growing list of cards that facilitate the use of cryptoassets for daily payments, as has been seen with previous examples in the Colombian market, although with varying degrees of success and permanence. This was the case of Binance, which announced the arrival of its prepaid card to Colombia in March 2023 and withdrew in August of that same year.
This article was created using artificial intelligence and edited by a human Editor.
