Num Finance, an Argentine fintech startup, has launched a new stablecoin linked to the Colombian peso called nCOP. The asset is built on Polygon and aims to provide an alternative to traditional remittance services in the multi-billion dollar Colombian market.
The project was backed by a $1.5 million pre-seed round led by investors like Reserve and Ripio Ventures. According to Num Finance CEO Agustín Liserra, Colombia was targeted due to its status as one of the largest remittance markets in Latin America. Around $6.5 billion flows into Colombia annually from remittances.
Num Finance plans to offer yields of 8% to companies that use nCOP instead of conventional remittance methods. Liserra emphasized the company’s goal of bringing advanced financial technology to markets where traditional finance lags behind technologically.
This launch represents Num Finance’s continued expansion into stablecoins for local currencies, after previously debuting offerings pegged to the Argentine peso (nARS) and Peruvian sol (nPEN). The company is exploring stablecoins for the Mexican peso, Brazilian real, and Bahraini dinar next.
However, Num Finance may soon face competition from a Peruvian central bank-backed stablecoin project with Ripple and Peersyst. As major stablecoins remain pegged to USD and Euro, fintechs globally are racing to launch local currency alternatives to legacy remittance systems.
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