Fintech Platform Nequi Plans to Get Into the Cryptocurrency Business in Colombia

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Fintech Platform Nequi Plans to Get Into the Cryptocurrency Business in Colombia – After parting ties with Bancolombia, the bank that gave it origin, Nequi, a fintech neobank that allowed Colombians to try out all-digital financial services, has revealed its development intentions. These plans include entering the bitcoin sector while staying within the current regulatory framework.

Cryptocurrencies are being considered by a growing number of neobanks as part of their service offerings. This is the case with Nequi, a finance platform that is believed to be exploring entering the Colombian crypto market.

The platform, which has far more than ten million users, is in the process of detaching itself from Bancolombia and becoming an independent firm and platform.

Also Read: Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex

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Cipriano Lopez, Nequi’s CEO, made the announcement during a webinar with Credicorp Capital, a holding firm that also provides financial services to its consumers. Lopez explained that Nequi intends to enter the market directly, with compliance being among its primary concerns.

In order to implement the improvements and new goals envisioned, Nequi is now awaiting regulatory authorisation becoming an independent financial firm.

Nequi’s aim to keep growing and acquiring new users which includes the addition of cryptocurrencies and other new features to the app. Due to its all-digital business model, the platform was able to develop tremendously even throughout the pandemic, gaining over four million customers.

This latest round of app updates is set to go live in Q3 2022, with the company’s independence from Bancolombia serving as the spark for a new era of financial products. The CEO also stated that the app would be offering additional services that would enable Colombians to top up public transit cards, purchase tickets, and more, as well as drive platform adoption.

Also Read: UK Regulator Allows 5 Crypto Firms to Operate With Temporary Registration

Lopez is confident that the company will turn a profit in the coming months, and these measures will help him achieve that goal. However, despite receiving government subsidies due to its digital character, the company is still not profitable.

Credits would be given to heavy users of the network who have adequate liquidity to pay for them under the new policy. Companies like Bitso, a Mexico-based exchange which declared its expansion to Colombia in February, see Colombia as a growing crypto hotspot.

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