By: Damian Okonkwo
The founders of the ZARP which is the only bank-approved South African stablecoin have appointed the Old Mutual group to head the movement for the adoption of this stablecoin in South Africa.
The Old Mutual group is one of the oldest and most famous financial service providers in South Africa today, hence, by partnering with them, the creators of the ZARP seek to tap into the company's reputation to promote the adoption of the ZARP in South Africa.
Speaking on the new partnership, the Zarp founders revealed that the partnership will add a “new dimension of trust” towards the adoption of the stablecoin - by ensuring continuous project auditing and support from the financial giant operating in South Africa today.
The ZARP was founded in 2021 by Simon Dingle and Kenny Inngs as a Stablecoin pegged to the South African Rand. This from its creation up to the present moment enjoys the popularity of being the only bank-approved Stablecoin in the country which is pegged to the South African fiat currency ZAR.
Nevertheless, its usage has not spread so much as expected within the province. Hence, to help promote its usage and adoption in South Africa, the ZARP creators deemed it necessary to employ the services of the Old Mutual group to explore further ways towards promoting its usage and adoption within the country.
The ZARP coin has been designed by its creators to offer South Africans access to the fiat currency Rand while using the Defi Protocols.
The idea of pegging the ZAR to the South African Rand is to make it easier for online Defi users to easily convert their fiat currency into a digital asset that has more stability than other Cryptocurrencies.