June 24, 2024
NZDD Unleashed: Easy Crypto Redefines Kiwi Finance with New Stablecoin
Policy & Regulation

NZDD Unleashed: Easy Crypto Redefines Kiwi Finance with New Stablecoin

In a strategic collaboration, New Zealand cryptocurrency exchange Easy Crypto and Australian blockchain development firm Labrys have successfully launched NZDD, a New Zealand dollar-pegged stablecoin. This stablecoin is backed 1:1 with cash in trust and is under the regulatory oversight of the New Zealand Financial Markets Authority, adding a layer of credibility to its operations. Although currently operational on the Ethereum blockchain, the NZDD stablecoin has ambitious plans to expand its presence to other prominent platforms, including Polygon, BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base.

The initiation of NZDD by Easy Crypto is motivated by the goal of addressing challenges faced by New Zealanders in maximizing their profits when utilizing U.S. dollar-pegged tokens. By introducing a native stablecoin pegged to the New Zealand dollar, Easy Crypto aims to create a more user-friendly and efficient environment for the local crypto community.

The stablecoin launch is considered a significant step forward for New Zealand’s digital financial landscape, offering a digital, programmable currency that mirrors the characteristics of the traditional New Zealand dollar. Janine Grainger, Co-founder and CEO of Easy Crypto believes that NZDD will play a pivotal role in bridging the gap between traditional finance and the emerging crypto economy.

In addition to the NZDD stablecoin, Easy Crypto has introduced a multicurrency self-custody wallet that prioritizes security. The wallet utilizes multiparty computation cryptography, and instead of relying on a traditional seed phrase, it involves the user’s trusted social circle in securing parts of the cryptographic key. This innovative approach enhances user security and reflects a departure from conventional practices in the crypto wallet space.

New Zealand has taken an agile approach to cryptocurrency regulation, as highlighted in a parliamentary report commissioned in August. The report suggests addressing challenges as they arise and calls for coherent and consistent guidance on the treatment of digital assets under existing laws. Easy Crypto’s launch of NZDD aligns with the evolving regulatory landscape in the country and demonstrates a commitment to fostering a more accessible and advanced financial ecosystem.

While this isn’t the first attempt at a New Zealand dollar-pegged stablecoin, previous initiatives have faced challenges. For instance, the launch of $NZDs by Australian financial services provider Techemyny in 2021 encountered complications, including the blacklisting of the stablecoin bridge following the DFX Finance protocol hack in November 2022. Despite past setbacks, Easy Crypto and Labrys are optimistic about the success of NZDD and its positive impact on New Zealand’s digital currency landscape.

Image: Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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