Stablecoin

Reserve

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Chainlink

<ul> 
 <li aria-level="1">Wenia, part of Bancolombia Group, integrates Chainlink Proof of Reserve to verify Colombian Peso-backed stablecoins.</li> 
 <li aria-level="1">The integration ensures each COPW stablecoin is supported by actual currency reserves, enhancing transaction security.</li> 
</ul> 
Wenia, a digital asset company under Colombia’s Bancolombia Group, has partnered with Chainlink to integrate the Proof of Reserve (PoR) mechanism into its COPW stablecoin. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Proof of Reserves creates both transparency and security. It publicly shows the reserves backing a stablecoin, while also being used to make sure that no additional coins are minted unless the reserves in the off-chain world/bank account match the newly minted coins. This create… <a href="https://t.co/EUVLYAXOvK">https://t.co/EUVLYAXOvK</a> 
 — Sergey Nazarov (@SergeyNazarov) <a href="https://twitter.com/SergeyNazarov/status/1816466608916680943?ref_src=twsrc%5Etfw">July 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This collaboration aims to provide transparent verification of the Colombian Peso reserves that back the stablecoin. 
<figure id="attachment_768022" aria-describedby="caption-attachment-768022" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-768022" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/07/Chainlink_and_Wenia.jpg" alt="Chainlink and Wenia" width="600" height="450" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/07/Chainlink_and_Wenia.jpg 600w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/Chainlink_and_Wenia-300x225.jpg 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/Chainlink_and_Wenia-150x113.jpg 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/Chainlink_and_Wenia-450x338.jpg 450w" sizes="(max-width: 600px) 100vw, 600px">
 <figcaption id="caption-attachment-768022" class="wp-caption-text">
 Through this collaboration, COPW users on the Wenia platform gain access to Chainlink’s secure and reliable onchain PoR data, enhancing visibility into the reserves backing the stablecoin
 </figcaption>
</figure> 
The integration of <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4218816-1&amp;h=2508292973&amp;u=https%3A%2F%2Fdata.chain.link%2Ffeeds%2Fpolygon%2Fmainnet%2Fcopw-por&amp;a=%C2%A0Proof+of+Reserve+(PoR)">Chainlink’s Proof of Reserve</a> into Wenia’s operations allows real-time verification that each issued COPW is backed by a corresponding amount of Colombian Pesos. To prevent the issuance of more coins than there are reserves—a scenario known as infinite mint attacks—Wenia has also arranged for third-party audits by the firm Harris and Trotter. 
<figure id="attachment_768041" aria-describedby="caption-attachment-768041" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-768041" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB.png" alt="" width="900" height="684" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB.png 900w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB-300x228.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB-768x584.png 768w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB-150x114.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/07/GTVZtPfXgAAMKOB-450x342.png 450w" sizes="(max-width: 900px) 100vw, 900px">
 <figcaption id="caption-attachment-768041" class="wp-caption-text">
 Source: X/@chainlink
 </figcaption>
</figure> 
Pablo Arboleda, CEO of Wenia, stated: 
<blockquote>
 “Integrating Chainlink’s Proof of Reserve is a critical step for advancing the digital asset landscape in Colombia. It strengthens the trust in our financial systems by ensuring each digital token is backed by real currency.”
</blockquote> 
As <a href="https://www.crypto-news-flash.com/usiacuri-pioneers-cryptocurrency-integration-in-colombia-with-the-crypto-district-initiative/">we detail</a> in Crypto News Flash, in 2023, the crypto market in Colombia grew significantly, with stablecoins accounting for 31% of all cryptocurrency transactions. With monthly crypto transactions estimated at around 200 million USD, Colombia is a big rank in cryptocurrency adoption in Latin America, <a href="https://www.chainalysis.com/blog/latin-america-cryptocurrency-adoption/">according to Chainalysis</a>. 
Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, said: 
<blockquote>
 “Our technology aims to enhance the safety and reliability of digital currency transactions by providing end-to-end transparency for Wenia’s stablecoin reserves.”
</blockquote> 
The collaboration is also set to expand, potentially including Chainlink Price Feeds for accurate market data and the Cross-Chain Interoperability Protocol (<a href="https://www.crypto-news-flash.com/chainlink-powers-zoniqxs-integration-of-ccip-and-proof-of-reserve-on-ethereum/">CCIP</a>) for secure blockchain interactions. This partnership not only enhances the <a href="https://www.crypto-news-flash.com/chainlink-ccip-to-boost-astar-networks-cross-chain-capabilities/">operational integrity</a> of Wenia’s digital assets but also supports the broader adoption and utility of cryptocurrencies in the region.

Bancolombia and Chainlink Collaborate to Secure Stablecoin Operations

Crypto News Flash

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