Old Mutual, one of South Africa’s largest financial services groups, has reportedly been appointed as the fund manager of the ZARP stablecoin project. The founders of Stablecoin hope that the appointment of one of the country’s oldest financial services companies will help strengthen confidence in the digital currency.
Increasing the reliability of Stablecoin
South African financial giant Old Mutual has reportedly appointed the local currency-backed stablecoin – The ZARP – as a fund manager. With the appointment of Old Mutual, one of South Africa’s oldest wealth management firms, the stablecoin issuer will boost confidence in the digital currency project, according to a report.
Founded by Simon Dingle and Kenny Ings in 2021, Stablecoin is the only bank-approved and audited coin in South Africa, according to MyBroadband. Old Mutual coming on board will boost the credibility of the cryptocurrency, the report added.
ZARP Managing Director (MD) Dingle on the potential impact of Old Mutual Wealth’s association with Stat Coin:
We’re determined to partner with the absolute best when it comes to managing our savings, so naturally, Old Mutual Wealth is a perfect fit.
He has shown interest in technology supporting old common digital currencies.
On his part, Old Mutual Wealth MD Farhad Sader pointed out that the financial services giant will not be left behind by the company’s partnership with the Statistic Coin project.
“It pushes the boundaries of innovation, historically held by traditional businesses. This space will evolve, and our partnership allows us to be part of the journey,” Sader explained.
The MD added that although many decentralized concepts are not exactly new, his company is very interested in the underlying technology.
In addition to being named South Africa’s “most trusted cryptocurrency project,” ZARP’s stablecoin is regularly audited. According to the report, the audit work and verification report has been going on since “day one”. According to a verification report published on May 16, zarp stablecoin had about $3.9 million worth of tokens in circulation.
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