The financial service provider firm based in Auckland, Techemynt announced the launch of cryptocurrency as a stablecoin backed by the New Zealand dollar.
In a report from Techemynt today, the firm announced the launch of a cryptocurrency backed 1:1 by NZD and deployed on the Ethereum blockchain with the help of Blockchain Labs. Techemynt is an officially registered financial firm serving most of the financial watchdog of the country, the Financial Markets Authority.
The firm said it would offer the $NZD stablecoin directly to any customers who want to purchase more than $100,000 NZD worth — approximately $70,000 USD. Crypto users can find the token on New Zealand-based crypto exchange Dassetx, with Techemynt saying it aims to list the stablecoin with more exchanges in the future.
“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,” said Fran Strajnar, an executive director at Techemynt. “After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world.”
Strajnar said that the stablecoin was developed "adhering to New Zealand’s legal requirements." According to Techemynt’s website, the NZD backing for the stablecoin will be confirmed by a "leading accounting firm" on a quarterly basis.
However, Some of the New Zealand-based financial firms have attempted to issue stablecoins backed by the country’s dollar in the past. In 2017, the now-defunct crypto exchange Cryptopia launched its NZDT token, the first to be tethered to the New Zealand dollar. More recently, financial services company Power Finance said it is in plan to launch a non-government-backed digital version of the New Zealand dollar in early 2021.