Techemynt, a New Zealand-based tech company has launched $NZDs, a pioneer stablecoin backed by the New Zealand dollar. This was made known through a press release published earlier today, and it is hailed for “merging the flexibility of cryptocurrency with the stability of fiat.”
Reportedly, the stablecoin has been set up on the Ethereum Blockchain and it is offered directly to anyone that wants to buy $NZDs worth over NZ $100k.
This is not the first time that a company is offering a stablecoin. However, Techemynt has the backing of the regulators to issue $NZDs. The company is fully regulated by the Financial Markets Authority, New Zealand’s top financial services regulator.
According to the company’s executive chairman, Fran Strajnar, the stablecoin is fully compliant with the law. He stated,
Between the popularity of the New Zealand Dollar and the proliferation of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and lead the creation of a NZD-based stablecoin.
Per Strajnar it took almost a year to build $NZDs. Before adding that,
$NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world. We’ve worked extensively with our top-tier partners to ensure $NZDs builds upon the best aspects of existing stablecoins while adhering to New Zealand’s legal requirements.
As Techemynt has already hit the ground running on this project, the company further disclosed that the coin will trade on Dassetx, a top exchange in New Zealand. Also, It will be launching the coin on many other exchanges which is expected to be a huge step towards making cryptocurrencies mainstream.