Num Finance launches Colombian Peso-Pegged token on Polygon Network.

Stablecoin provider Num Finance has launched a coin that is pegged to the Colombian peso. This initiative is based on the Polygon network, marking more adoption for the Polygon Network. 

In an effort to connect Colombia’s financial markets with the booming digital asset sector, Num Finance has developed a groundbreaking cryptocurrency called nCOPag. With nCOP, the door to exciting opportunities in money transfer and business transactions is opened wide.

The exchange of new Colombian pesos (nCOP) for traditional Colombian pesos is now as seamless as a 1:1 ratio, making cross-border business transactions more convenient than ever before.

The firm has already issued stablecoins that have a one-to-one correlation with the currencies of Argentina and Peru. These stablecoins have a value equal to the national currency of each country.

Num Finance wants to instil a sense of confidence in its customers regarding their ability to make sound decisions regarding their financial dealings and investments, not only in Colombia but also elsewhere. 

This predictability makes it more likely that the token will be used in a variety of industries, such as e-commerce, remittances, and online services. This, in turn, makes it easier for people who have had limited access to traditional banking to participate in the global financial system.

Stablecoins, which are typically pegged to an external asset such as a government-issued fiat currency, use blockchain technology to make transactions cheaper and faster. This is accomplished by anchoring the value of the stablecoin to the external asset.

Even though stablecoins are becoming increasingly common in developing markets, the vast majority of the market’s supply is still valued relative to the value of the United States dollar. 

Read also: Kraken announces support for PayPal’s PYUSD Stablecoin

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