Old Mutual gets behind rand-backed crypto stablecoin

ZARP has appointed Old Mutual Wealth to manage the cash reserves of the rand-backed stablecoin.

Co-founded by Simon Dingle and Kenny Inngs in 2021, ZARP lays claim to being the only bank-approved, fully backed, transparent and audited stablecoin for the South African Rand.

“We designed ZARP to be the most trusted cryptocurrency project in South Africa, with cash reserves fully backing the value of ZARP tokens circulating in the market,” said Dingle, ZARP’s managing director.

“We also set the standard for stablecoin auditing in South Africa with full and independent attestation of our cash reserves, with an audit trail from day one, further adding to transparency and trust behind ZARP.”

Dingle said Old Mutual, being one of the oldest and most trusted financial institutions in South Africa, adds a new dimension of trust to the ZARP project.

“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,” he said.

Old Mutual Wealth managing director Farhad Sader said they are excited about the partnership.

“It pushes the boundaries of innovation, historically dominated by traditional businesses,” Sader stated.

“This space will evolve, and our partnership will enable us to be a part of the journey.”

Sader said many of the concepts in decentralised finance are not new.

However, the underlying enabling technology is of special interest to Old Mutual.

ZARP is a fully collateralised stablecoin — for every ZARP token issued on the blockchain, there is at least one rand in its treasury reserves.

The stablecoin is implemented as an ERC20 token on the Ethereum blockchain and has also launched on Fantom.

It is available through Ovex’s centralised exchange, via Curve, Uniswap, and Keep3r on Ethereum, and Spookyswap on Fantom.

In March, ZARP announced that it had “joined the million-dollar club”.

According to the stablecoin’s latest attestation report, published on 16 May, it has R68,223,506.79 worth of ZARP in circulation, or just over $3.9 million.

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Old Mutual gets behind rand-backed crypto stablecoin