South African technologists Simon Dingle and Kenny Inggs have launched a stablecoin cryptocurrency pegged to the South African rand.
Built on the ethereum blockchain, ZARP is focused on decentralised finance (DeFi) applications and is available on the Ovex exchange. It has announced its integration with Curve and the Keep3r Network developed by South African Andre Cronje, a pioneer in the DeFi space.
“ZARP is the first and only rand stablecoin with full cash reserves and independent attestation from accredited auditors,” the founders said in a statement on Monday.
Dingle said that the project was launched to give cryptocurrency users access to rand value on the blockchain, and to make the rand compatible with DeFi protocols.
“We went looking for a rand stablecoin to use in our projects and were surprised to find that none existed, so we started one ourselves,” Dingle said in a statement.
“A true stablecoin is backed by hard currency and is independently audited so that users can trust that it won’t lose its peg or that the owners can just mint as much of it as they like… We’re confident that we’ve ticked all the boxes in creating the ultimate stablecoin for the rand.”
Access to DeFi
Local centralised cryptocurrency exchange Ovex is the first to list ZARP. It is also listed on Curve, an exchange liquidity pool on ethereum “designed for efficient stablecoin trading at low risk”.
“This means that yield incentives will soon be available on Curve in native rand value,” the founders said.
ZARP has also been integrated with the Keep3r Network, a decentralised platform designed to facilitate the coordination between projects that need to source outside development operations and those that can provide those required services.
Keep3r founder Andre Cronje said in the statement: “The forex markets are underrepresented in the blockchain ecosystem. Keep3r, specifically its ‘fixed forex’ component, replicates forex on-chain. ZARP allows South Africans access to DeFi while keeping their ZAR exposure.”
Said Dingle: “As tokenistation revolutionises the global financial system, stablecoins play a vital role in representing fiat currencies in the new world of DeFi. We’ve made one that is safe, trusted and aligns with emerging regulation.” — (c) 2021 NewsCentral Media
