New Zealand firm launches stablecoin backed by NZD



Auckland-based monetary service supplier Techemynt introduced the launch of a stablecoin reportedly backed by the New Zealand greenback.

In a press release from Techemynt right this moment, the agency introduced it had launched a cryptocurrency backed 1:1 by the New Zealand greenback and deployed on the Ethereum blockchain by Blockchain Labs. Techemynt is a registered monetary service supplier with the nation’s main monetary watchdog, the Monetary Markets Authority.

The agency mentioned it could offer the $NZD stablecoin on to any prospects who wish to buy greater than $100,000 NZD value — roughly $70,000 USD. Crypto customers may discover the token on New Zealand-based crypto trade Dassetx, with Techemynt saying it goals to combine the stablecoin with extra exchanges sooner or later.

“Between the recognition of the New Zealand Greenback and the proliferation of cryptocurrency, Techemynt felt it was an excellent time to fill the hole out there and lead the creation of a NZD-based stablecoin,” mentioned Techemynt govt director Fran Strajnar. “After almost a yr of improvement, $NZDs is now first to completely execute and ship on the promise of bringing a New Zealand Greenback stablecoin to the world.”

Strajnar mentioned the stablecoin was developed “adhering to New Zealand’s authorized necessities.” Based on Techemynt’s web site, the NZD backing for the stablecoin will likely be confirmed by a “main accounting agency” on a quarterly foundation.

A few New Zealand-based monetary companies have tried to problem stablecoins backed by the nation’s greenback up to now. In 2017, the now-defunct crypto trade Cryptopia launched its NZDT token, reportedly the primary to be tethered to the New Zealand greenback. Extra lately, monetary providers firm Energy Finance mentioned it deliberate to launch a non-government-backed digital model of the New Zealand greenback in early 2021.