South African DeFi startup, NeoNomad, has recently 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 and crypto finance facilitating seamless transactions both domestically and across borders.
According to local reports, the stablecoin is part of a hybrid exchange platform that aims to bring cryptocurrency benefits to the country’s unbanked population.
“We’re creating a growing financial ecosystem that overcomes challenges like infrastructure and transport to help people take ownership of their finances and encourage economic participation,” said NeoNomad CEO, Hanres Beukes.
The platform utilises Solana Pay, a blockchain-based payment system, enabling instant, low-cost transactions.
Users can make crypto payments for point-of-sale purchases via QR code scanning with fees approaching zero. This technology targets both banked and unbanked South Africans, potentially expanding financial access across the economic spectrum.
By focusing on Decentralised Finance (DeFi), NeoNomad challenges traditional banking models. The startup aims to reduce fees and enable peer-to-peer transactions without intermediaries, a proposition that could resonate in a country where banking costs remain a contentious issue.
“This app enables a suite of offerings across a broad network and the Decentralised Finance space. It’s designed to transition users from traditional banking into our secure stablecoin ecosystem and to be part of a transformative African fintech platform that contributes to a growing digital continent,” said Devon Krantz, COO of NeoNomad.
The launch of NeoNomad’s stablecoin comes after South Africa’s Financial Sector Conduct Authority (FSCA) recently approved 138 crypto asset service provider licences, bolstering South Africa’s place as the African hub for blockchain and crypto innovation.
🇿🇦REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138
“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following… pic.twitter.com/uIXDCHBUGW
— BitKE (@BitcoinKE) July 3, 2024
Also part of NeoNomad plans are the introduction of NomadLearn educational programme and an upcoming launch of DecentraLounge, a Cape Town-based co-working space for crypto enthusiasts, in Q4 2024.
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