Easy Crypto, a crypto exchange based in New Zealand, and Labrys, an Australian blockchain firm, have jointly launched a new stablecoin pegged to the New Zealand dollar. Named NZDD, the stablecoin is set to be regulated by the New Zealand Financial Markets Authority, as mentioned in a statement from the companies.
Initially available on the Ethereum blockchain, the NZDD stablecoin has plans for expansion to other blockchain networks, including Polygon and Arbitrum.
Janine Grainger, the co-founder and CEO of Easy Crypto, emphasized that NZDD provides a stable entry point into the digital marketplace, combining the reliability of the New Zealand Dollar with the advantages of blockchain technology. The regulatory oversight from the New Zealand Financial Markets Authority adds an additional layer of credibility to the stablecoin.
Janine Grainger, the co-founder and CEO of Easy Crypto, highlighted the motivation behind the launch of the NZDD stablecoin, emphasizing the growing digital transformation of various assets, including currency. She noted that a significant factor causing hesitation for many people is the stability of these digital assets. The aim of NZDD is to address this concern by offering a stablecoin backed by the trusted New Zealand Dollar, bridging the gap between traditional finance and the digital age.
Grainger further pointed out that, at present, only 10% of the New Zealand population owns cryptocurrency assets. The barriers preventing the majority from participating in this digital financial landscape include concerns about volatility and the perceived complexity of cryptocurrencies. Grainger stated that the focus is on addressing these challenges to provide a seamless entry point to crypto for the wider New Zealand population as digitization continues to advance.
New Self-Custody Wallet
In addition to the launch of the NZDD stablecoin, the announcement introduced a new multicurrency self-custody wallet designed to serve as a comprehensive solution for managing various cryptocurrencies. Described as “one wallet for all your crypto,” this wallet offers unlimited sub-wallets, supports multiple blockchains, and includes a wide range of coins. The wallet is underpinned by state-of-the-art security features.
Janine Grainger explained that the goal is to make crypto management straightforward, eliminating the need for a collection of different wallets. The newly introduced wallet allows users to import and securely manage multiple accounts within the same platform. Furthermore, users have the capability to buy and sell assets from a diverse range of over 50 popular cryptocurrencies.
The wallet incorporates cutting-edge security and recovery features, including multi-party computation (MPC). Grainger highlighted that this feature enhances the security of the wallet by facilitating the recovery of keys in case of loss. The introduction of this comprehensive wallet aligns with the broader aim of making cryptocurrency more accessible and user-friendly, addressing some of the challenges that may deter potential users.