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Wenia, Part of Bancolombia Group, Leverages Chainlink Proof of Reserve

Twitter icon  •  Published 1 month ago  •  Hassan Maishera

Wenia, the new digital asset company from the Bancolombia Group, is using Chainlink Proof of Reserve to bring end-to-end transparency to the Colombian Peso reserves backing its COPW stablecoin.

Chainlink announced via X on Thursday that Wenia, the new digital asset company from the Bancolombia Group, is using Chainlink Proof of Reserve to bring end-to-end transparency to the Colombian Peso reserves backing its COPW stablecoin.

Thanks to this partnership, 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.

Chainlink PoR is integrated directly into the stablecoin's minting function, helping to protect users against the risk of infinite mint attacks where additional COPW is issued without sufficient available reserves.

Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up by 3% over the past 24 hours and is trading at $13.48 at press time.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.