A cryptocurrency pegged to the price of the South African Rand, ZARP, is now available on the Ovex exchange and has announced its integration with Curve and the Keep3r Network. ZARP isn’t a government-sanctioned central bank digital currency (CBDC), such as the one the Central Bank of Nigeria launched at the end of October.
ZARP is a stablecoin. Specifically, it claims to be the only bank-approved, fully backed, transparent and audited stablecoin for the South African Rand. For every ZARP token in circulation, one South African rand is stored in the project’s treasury account. Kempen Audit conducted the last attestation report of ZARP’s holdings on 19 August.
ZARP was co-founded by Simon Dingle and Kenny Inggs and was implemented as an ERC20 token on the Ethereum blockchain. It launched on Fantom today and there are plans to expand to other platforms.
Dingle is a former technology journalist and magazine editor who went on to work at several start-ups, including personal financial management tool 22seven and Luno (formerly BitX), South Africa’s largest centralised cryptocurrency exchange.
More recently, Dingle co-founded Inves Capital, a fintech company that specialises in digital assets and blockchain-based projects. Inggs has had a storied career, from working as a programmer at the South African Revenue Service in his early years to co-founding several projects where he also served as CTO, including 22seven.
He has also worked as an architect at Old Mutual Bank, Shoprite, and Microsoft. Forex markets are under-represented in the blockchain ecosystem,” he said.
“Stage 1 is simply on-chain liquidity for forex pairs, with stage 2 focusing on easy currency interchange, and finally stage 3 focused on decentralised on/off ramps.” ZARP allows South Africans exposure to DeFi while keeping their ZAR exposure, Cronje said.
“Currently, the routes into DeFi are via ether, bitcoin, and US dollar without being able to keep a hedge with the rand — unless you use more exotic strategies.” ZARP and fixed forex, via Curve and Convex, finally allows yield products to exist on the South African rand, said Cronje.
Source: mybroadband
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