A new cryptocurrency, ZARP, that is linked to the price of the South African Rand (ZAR), is now available on the Ovex exchange.
What is ZARP?
ZARP is a stablecoin and has the title of the only bank-approved, fully backed, transparent and audited stablecoin for the SA Rand (ZAR). And to put it simply – for every ZARP token in circulation, a ZAR is stored in the project’s treasury account.
Who created it?
Simon Dingle and Kenny Inggs are the co-founders of ZARP. Together, they implemented the stablecoin as an ERC20 token on the Ethereum blockchain.
Dingle formerly worked as a technology journalist and magazine editor. From there he worked at several start-ups, including personal financial management too 22seven, and Luno (formerly BitX), which is SA’s largest centralised cryptocurrency exchange.
On the other hand, Inggs has had a full career. He started as a programmer at the South African Revenue Service in his early years and went on to co-found several projects where he acted as CTO. One of these projects included 22seven.
And as if that wasn’t enough, Inggs can also add “architect” to his list of achievements. Throughout his career, Inggs also worked as an architect at Shoprite, Old Mutual Bank and Microsoft.
Why ZARP?
According to Dingle, ZARP was launched to give cryptocurrency users access to rand value on the blockchain. They also wanted to make the rand compatible with DeFi (decentralised finance) protocols.
“We went looking for a rand stablecoin to use in our projects and were surprised to find that none existed, so we started one ourselves,” he said.
“A true stablecoin is backed by hard currency and is independently audited so that users can trust that it won’t lose its peg or that the owners can just mint as much of it as they like,” Dingle stated.
ZARP’s smart contract has now been audited by Kempen Group and the Solidity Finance team, and Dingle is confident that they have “ticked all the boxes in creating the ultimate stablecoin for the Rand”.
Where to find ZARP?
Ovex was the first centralised exchange to list ZARP. It is also listed on Curve and the Keep3r Network.
And the company’s Twitter page announced on Monday that they were now live on Fantom.