A new digital bridge has opened for people in Colombia looking to manage money across borders. Wenia, a crypto exchange backed by Grupo Bancolombia, has launched its “Global Account.” This new service makes it easier for users to send and receive digital dollars from and to bank accounts in the United States. It brings together the speed of crypto with the familiarity of bank transfers, all through the Wenia App.
With this Global Account, users get a virtual bank account number in the United States. Wenia has teamed up with a partner to make this happen. When dollars (USD) arrive in this virtual account, they show up as digital dollars (USDC) in the user’s Wenia App. Sending USDC from the app to US bank accounts is also possible. This new feature aims to help families, small business owners, and online content creators handle their money more smoothly.
Making Life Easier for Global Workers
Wenia created the Global Account for anyone needing to move dollars internationally. This includes remote workers who get paid from abroad. It also helps families who regularly receive money from relatives. People who rent out places online, and content creators, will find it useful too. Essentially, it’s for anyone looking for new ways to manage their money with digital assets.
The company points out that those who get international dollar payments will especially benefit. They can handle these payments right from their phone. This means fewer steps and lower fees compared to older methods. The Global Account expands how people can move money between Colombia, Latin America, and the United States.
Fees, Timing, and Rewards
Using the Global Account comes with simple fees. Receiving transfers costs 1.99 USDC. Sending transfers costs 2.99 USDC. Wenia says most transfers should finish within three business days. Once digital dollars arrive, users can stake them in the app. Staking allows them to earn rewards. Users can also turn their USDC into COPW, which is Wenia’s stablecoin tied to the Colombian peso.
Wenia highlighted another key benefit. Users can sell COPW for Colombian pesos through Bancolombia or Nequi. This connects their digital money with regular banking services. This integration increases how people can use USDC within Wenia’s financial system. It also shows Wenia’s commitment to offering easy-to-use and dependable crypto services.
More Tools in the Wenia App
The Wenia App offers more than just sending and receiving digital dollars. It has other features that make it a stronger choice. For instance, its rewards program offers up to 6% yearly for keeping USDC staked. There’s also the Wenia Card, which users can use for daily spending and when they travel.
The company plans to keep looking for new digital solutions. These solutions will aim to make digital assets easy and safe to use. Their goal is to connect more people with the crypto economy. This will open up many possibilities for payments, savings, and international transfers.
How to Send and Receive USDC
If you want to receive money from accounts in the United States, follow these steps:
- Log into the Wenia App.
- Choose the “Receive” option.
- Select “From United States accounts.”
- Read and accept the terms and conditions.
- Share your virtual account details with the sender.
To send USDC to bank accounts in the United States, the steps are similar:
- Log into the Wenia App.
- Choose the “Send” option.
- Select “To a United States account.”
- Add the recipient’s bank account information.
- Enter the amount you want to send and confirm the transaction.
Regulated and Institutionally Backed
USDC is a digital asset. Its value is tied to the US dollar. However, it is important to remember that USDC is not an official currency. It is not backed by any government, nor does it have deposit insurance. Wenia operates with a Class F license. This license comes from the Bermuda Monetary Authority (BMA), which oversees its digital asset activities.
Wenia Ltd. is its own company, separate from Bancolombia S.A. It created COPW, a crypto asset, to give users a stable value linked to the Colombian peso. Wenia’s main aim is to blend new technology with the trust of traditional banks. It also seeks to support the growth of the digital economy in the region.
Information from Wenia’s official press release.
Image courtesy of the Wenia team.