FMA-Regulated NZDD Stablecoin by Easy Crypto and Aussie Firm Labrys Debuts
NZDD, initially on Ethereum with plans to expand to other blockchains, is hoped to ease Kiwis into the crypto world.
This will be offering a secure, regulated option in line with New Zealand’s financial laws.
NZDD to Roll Out on Several Blockchains
New Zealand-based crypto exchange Easy Crypto, has partnered with Australian blockchain firm Labrys to launch NZDD. The stablecoin which is pegged 1:1 to the New Zealand Dollar will be regulated by the New Zealand Financial Markets Authority (FMA). Initially available on the Ethereum blockchain, there are plans to extend NZDD to other platforms like Polygon and BNB Smart Chain. This collaboration aims to simplify crypto transactions for New Zealanders, allowing them to trade within a local currency context.
Easy Crypto is a New Zealand based crypto exchange, offering services to residents of New Zealand, Australia, South Africa and Brazil. The exchange allows buying, selling and swapping crypto assets as well as holding assets in its own Easy Crypto wallet.
Seamless Crypto Onramp
Easy Crypto’s Co-Founder and CEO Janine Grainger said,
Kiwis need a seamless onramp to crypto. Everything is going digital – including currency – but what makes many people hesitate is the stability of these assets. We wanted to change this by offering a trusted NZ dollar backed ‘stablecoin’ – NZDD – that bridges the gap between traditional finance and the digital age.
The NZDD stablecoin transforms the New Zealand Dollar into a digital currency, offering enhanced transaction speed and efficiency. It’s backed 1:1 with New Zealand dollars held in a bare trust, ensuring both safety and flexibility for users. This structure also ensures compliance with New Zealand’s financial regulations, providing users with a secure and regulated digital currency option.
The FMA says around 10% of Kiwis own crypto, compared to around 20% of Aussies.
Trans-Tasman Effort
Labrys is a blockchain development and consulting company based in Australia. They specialise in building blockchain solutions, including decentralised applications (dApps), token creation, and smart contract development. Their expertise typically covers various blockchain platforms, and they aim to help businesses integrate blockchain technology into their operations.
Source: Labrys
Some of Labrys clients are Downer, Swell, Tracer DAO and Earthfund, to name a few.
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Filed under: Bitcoin - @ November 23, 2023 5:56 am