First Rand Stablecoin, ZARP, Goes Live on the OVEX Exchange in South Africa

ZARP, a stablecoin that is pegged to the price of the South African Rand, is now available on the OVEX exchange, natively South African exchange.

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ZARP, a stablecoin that is pegged to the price of the South African Rand, is now available on the OVEX exchange, natively South African exchange.

According to Simon Dingle, one of ZARP founders, the project was launched to give cryptocurrency users access to Rand value on the blockchain, and to make the Rand compatible with DeFi (decentralized finance) protocols.

ZARP is audited by the Kempen Group who regularly attest to the stable’s token supply and the cash held in its treasury account. Dingle has added that an organization called Solidity Finance has audited ZARP’s smart contract and has guaranteed the stable’s quality.

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SEE ALSO: Fitch Ratings, a ‘Big Three’ Global Credit Rating Agency, Issues Stablecoin Warning on the Securities Markets

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Besides OVEX, ZARP is also listed on Curve, an exchange liquidity pool on Ethereum which is designed for efficient stablecoin trading at low risk and supplemental fee income for liquidity providers without an opportunity cost.

This means that yield incentives will soon be available on Curve in native ZAR value.

ZARP also says it has integrated with keep3r.network, an innovative decentralized platform designed to facilitate the coordination between projects that need to source outside development operations and those that can provide such required services.

ZARP is said to allow South Africans access to DeFi while keeping RAND (ZAR) exposure. It, therefore, aims to bring the advantages of stablecoins which Dingle says plays a vital role in representing fiat currencies in the new world of DeFi.

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RECOMMENDED READING: Opera, Africa’s Leading Mobile Browser, Adds Africa-focused Celo as its First Ecosystem Stablecoin

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