Easy Crypto, New Zealand’s largest non-custodial crypto exchange, collaborated with Australian blockchain development firm Labrys to launch NZDD, a New Zealand dollar-backed stablecoin.
The stablecoin is pegged to the New Zealand dollar in a one-to-one ratio, ensuring stability and direct correlation with the traditional currency. The New Zealand Financial Markets Authority is overseeing the regulation of the stablecoin.
Although it is initially live on the Ethereum blockchain, it has plans to expand its presence on Polygon, BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base networks.
The stablecoin offers users quick, reliable, and low-cost transactions with round the clock access to the currency. It also facilitates safe and fast peer-to-peer transactions, such as sending money overseas. All these benefits come without going through banking formalities, excessive fees, or long waiting periods.
For newcomers, NZDD serves as an entry point into the digital world, offering stability in the volatile crypto market. For seasoned investors and traders, it is a reliable store of value and a liquidity source.
The NZDD aims to bridge the gap between traditional finance and the crypto space, fostering investor confidence and encouraging crypto adoption in New Zealand.
“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,” says Janine Grainger, CEO and co-founder of Easy Crypto.
She added, “according to the FMA, roughly 10 percent of the New Zealand population own crypto assets. What are the key barriers restricting others from getting involved? These often include volatility and complexity. As New Zealand’s largest non-custodial cryptocurrency exchange, we’re focused on solving these challenges as digitisation grows.”
Complementing the stablecoin, Easy Crypto is also launching a digital wallet for trading and storing digital assets. The wallet supports over 50 cryptos, enabling users to store and manage diverse digital assets on a single platform.
“We wanted to simplify the crypto experience, offering a secure, all-in-one solution to effortlessly and securely store and manage digital assets for both beginners and seasoned crypto investors,” explains Grainger.
Despite the efforts to make investing in crypto safer, major banks in New Zealand continue to have strict regulations surrounding its use. Some banks have banned crypto users and traders altogether. However, companies such as Easy Crypto and Labrys remain undeterred in their efforts to boost the crypto industry.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash