Techemynt introduces $NZDs, the first New Zealand dollar stablecoin

Techemynt introduces $NZDs, the first New Zealand dollar stablecoin

New Zealand-based financial services provider, Techemynt has reportedly launched the first New Zealand dollar stablecoin - $NZDs. This cryptocurrency is backed 1:1 by the New Zealand dollar, integrating the flexibility of $NZDs with the stability of fiat.

Notably, the novel stablecoin was deployed on the Ethereum blockchain platform by Blockchain Labs through the FiatToken framework offered by Centre. For the record, Stablecoins are a type of cryptocurrency supported by a reserve asset, like gold or fiat currency.

They have witnessed widespread popularity in the last couple of years as a way to pair the instant processing, and privacy of cryptocurrency payments along with the stability and value of the New Zealand Dollar with the intrinsic utility of cryptocurrency to facilitate remittance, arbitrage, and digital payment along with positioning the nation’s currency as an integral participant in the wide global digital asset economy.

Backed equally with physical New Zealand dollars both in cash and cash-equivalent treasury, the stablecoin will offer management, governance, and transparency policies that focus on compliance and operations.

Extended by Techemynt, $NZDs will be directly made available to those who wish to acquire NZ$ 100,000 or more worth of $NZDs tokens. They will also be available in secondary markets like cryptocurrency exchange – Dassetx.com which is powered by Bittrex. Techemy is planning to integrate the stablecoins with other exchanges and on/off ramps in the coming times.

Seemingly, those buying $NZDs directly from the company will be required to meet the Customer Due Diligence requirements along with Techemynt’s FSP regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act, 2009 of New Zealand.

Along similar lines, $NZD users may include crypto funds, crypto traders, investors, and eventually customers and merchants in the near future. Techemy expects that the latest cryptocurrency offering could be transferred to Defi platforms to earn profits. At present Defi platforms can offer participants much higher yields when compared to traditional bank accounts.

Source Credit: https://www.globenewswire.com/news-release/2021/03/10/2190628/0/en/Techemynt-Launches-First-New-Zealand-Dollar-Stablecoin-NZDs.html