{"id":25420,"date":"2023-11-22T02:54:05","date_gmt":"2023-11-22T02:54:05","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/new-zealand-dollar-stablecoin-goes-live-through-local-crypto-exchange\/"},"modified":"2023-11-22T02:54:07","modified_gmt":"2023-11-22T02:54:07","slug":"new-zealand-dollar-stablecoin-goes-live-through-local-crypto-exchange","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/new-zealand-dollar-stablecoin-goes-live-through-local-crypto-exchange\/","title":{"rendered":"New Zealand dollar stablecoin goes live through local crypto exchange"},"content":{"rendered":"
<\/p>\n
A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys.<\/p>\n
In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority.<\/p>\n
It\u2019s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase\u2019s Base.<\/p>\n
Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders\u00a0to maximize their profits when using U.S. dollar-pegged tokens.<\/p>\n
Easy Crypto co-founder and CEO Janine Grainger said the NZDD bridges the gap with traditional finance and claimed it would \u201cmove NZ forward as a nation, giving us a digital, programmable currency that can do everything the NZD can do.\u201d<\/p>\n
Related: Binance launches New Zealand-based offices following regulatory approval<\/em><\/strong><\/p>\n Alongside the stablecoin, Easy Crypto introduced a multicurrency self-custody wallet protected by multiparty computation cryptography by enlisting the user\u2019s \u201ctrusted social circle\u201d with parts of the key instead of a seed phrase.<\/p>\n Keep an eye out for an upcoming episode with Easy Crypto talking about the new wallet and new #stablecoin<\/a>!\n
#NZDD<\/a> #investing<\/a> #alternative<\/a> #assets<\/a> #realdiversification<\/a> pic.twitter.com\/Wt9EPq1Gri<\/a><\/p>\n