Rapport: Financial Services Giant Old Mutual udnævnt til leder af South African Stablecoin Projects kontantreserver

One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency.

Enhancing Credibility of the Stablecoin

The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, har en rapport sagt.

According to a Mybroadband rapport, the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, rapporten tilføjet.

Remarking on the likely impact of Old Mutual Wealth’s association with the stablecoin, Dingle, the managing director (MD) of ZARP, sagde:

We set out to partner with the absolute best of the best in terms of managing our cash reserves, so naturally, Old Mutual Wealth is a perfect fit.

Old Mutual Interested in Technology Backing Digital Currencies

For his part, Farhad Sader, the MD at Old Mutual Wealth, suggested that his company’s partnership with the stablecoin project ensures the financial services giant is not left behind.

“It pushes the boundaries of innovation, historically dominated by traditional businesses. This space will evolve, and our partnership will enable us to be a part of the journey,” Sader explained.

The MD added that while the many concepts of decentralization are not exactly new, his company is very interested in the underlying technology.

In addition to its designation as South Africa’s “most trusted cryptocurrency project,” the zarp stablecoin is regularly audited. Ifølge rapporten, the auditing and the release of an attestation report have been ongoing “from day one.” As shown by an attestation report published on May 16, the zarp stablecoin had tokens in circulation worth around $3.9 million.

Registrer din e-mail her for at få en ugentlig opdatering om afrikanske nyheder sendt til din indbakke:

Hvad er dine tanker om denne historie? Fortæl os, hvad du synes i kommentarfeltet nedenfor.

Terence Zimwara

Terence Zimwara er en Zimbabwe prisvindende journalist, forfatter og forfatter. Han har skrevet meget om de økonomiske problemer i nogle afrikanske lande, samt hvordan digitale valutaer kan give afrikanere en flugtvej.

Billedkreditter: Shutterstock, Pixabay, Wiki Commons, By Henk Viljoen – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=70260151