South African DeFi startup NeoNomad launches ZARCoin stablecoin pegged to the South African rand (ZAR) – BitKE

South African DeFi startup, NeoNomaderecently introduced ZARCoin (ZARC), a stablecoin pegged 1:1 to the South African Rand (ZAR).

Launched on July 11, 2024, this digital currency seeks to bridge the gap between traditional finance and crypto by facilitating seamless transactions domestically and across borders.

According to local reports, the stablecoin is part of a hybrid exchange platform that aims to bring the benefits of cryptocurrency to the country’s unbanked population.

“We are creating a growing financial ecosystem that overcomes challenges such as infrastructure and transportation to help people take charge of their finances and encourage economic participation,” said Hanres Beukes, CEO of NeoNomad.

The platform uses Solana Pay, a blockchain-based payment system, enabling instant and low-cost transactions.

Users can make cryptocurrency payments for purchases at the point of sale by scanning a QR code, with near-zero fees. The technology targets both banked and unbanked South Africans, potentially expanding access to financial services across the economic spectrum.

With its focus on decentralized finance (DeFi), NeoNomad is challenging traditional banking models. The startup aims to reduce fees and enable peer-to-peer transactions without an intermediary, a proposition that could resonate in a country where banking costs remain a divisive issue.

“This app enables a suite of offerings across a broad network and in the decentralized finance space. It is designed to enable users to transition from traditional banking to our secure stablecoin ecosystem and become part of a transformative African fintech platform that is helping to grow a digital continent,” said Devon Krantz, COO of NeoNomad.

The launch of NeoNomad’s stablecoin comes after South Africa’s Financial Sector Conduct Authority (FSCA) 138 Crypto Asset Service Provider Licenses Recently Approvedstrengthening South Africa’s position as an African hub for blockchain and crypto innovation.

NeoNomad’s plans also include the introduction of the NomadLearn educational program and the upcoming launch of DecentraLounge, a Cape Town-based coworking space for crypto enthusiasts, in Q4 2024.

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