Financial Management company, Old Mutual Wealth, has been appointed to manage the cash reserves of ZARP, a stablecoin that is pegged to the South African Rand.
According to ZARP, it is the only fully audited Rand stablecoin with complete attestation since day one.
The @OldMutualSA financial mnagement company has been appointed to manage cash reserves of #ZARP – a stablecoin pegged to the South African🇿🇦 Rand (ZAR)
ZARP is available on the @OVEXIO South African exchange pic.twitter.com/UXeC6Q5rhm
— BitKE (@BitcoinKE) October 17, 2022
In 2021, Managing Director, Sam Dingle, indicated that ZARP is audited by the Kempen Group which regularly attests to the stable’s token supply and the cash held in its treasury account.
Old Mutual will increase the trust that the stablecoin has already built, thanks to its history and consumer trust, Dingle told South Africa’s Mybroadband publication.
We set out to partner with the absolute best of the best in terms of managing our cash reserves, so naturally, Old Mutual Wealth is a perfect fit. – Old Mutual
Established in 1845 in Cape Town, South Africa, Old Mutual provides financial solutions to individuals, small and medium-sized businesses and corporates in South Africa, the rest of Africa and certain other emerging markets.
In South Africa, they offer a range of services that include insurance, savings, loans, and asset management. Managing Director, Farhad Sader, indicated they were excited about the partnership, with the firm indicating it was interested in blockchain technology.
It pushes the boundaries of innovation, historically dominated by traditional businesses. This space will evolve, and our partnership will enable us to be a part of the journey.
Available on South African exchange, OVEX as well as a number of decentralised exchanges (DEXes) such as Uniswap and Curve, ZARP aims to make the Rand compatible with the latest financial innovations.
Built on the Ethereum ERC-20 token standard, ZARP targets a wide range of players in crypto and DeFi space with key services for service providers and consumers:
- Traders – Hedge against volatility, store value, and make efficient transfers
- Exchange – To grow users and trading volume with a trusted sablecoin and enable rand-deposits without friction
- Users – Store and move value quickly and efficiently, without volatility
- DeFi Protocols – Unlock solid liquidity with an audited stablecoin, pegged to one of the world’s top currencies
ZARP’s latest attestation report was published in May 2022, and showed that it has just over $3.9 million in circulation.
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