Auckland-based financial services company Techemynt announced the launch of a stable coin reportedly backed by the New Zealand dollar.
In a statement from Techemynt today, the company announced that it has launched a cryptocurrency backed 1: 1 by the New Zealand dollar and provided on the Ethereum blockchain by Blockchain Labs. Techemynt is a registered financial services provider with the largest financial watchdog in the country, the Financial Markets Authority.
The company said it would offer the NZD stablecoin directly to all customers looking to buy more than NZD 100,000, worth around $ 70,000. Crypto users can also find the token on the New Zealand-based crypto exchange Dassetx. Techemynt says it aims to add the stablecoin to more exchanges in the future.
“Between the popularity of the New Zealand dollar and the spread of cryptocurrency, Techemynt felt it was an ideal time to fill the gap in the market and advance the creation of a NZD-based stablecoin,” said Fran Strajnar, Techemynt Executive Director. “After nearly a year of development, $ NZDs is now the first company to fully deliver on and deliver on its promise to bring a New Zealand dollar stablecoin into the world.”
Strajnar said the stablecoin was developed “in compliance with New Zealand legal requirements”. According to Techemynt’s website, NZD support for the stablecoin is confirmed quarterly by a “leading accounting firm”.
Some New Zealand financial firms have attempted in the past to issue stable coins backed by the country’s dollar. In 2017, the now-defunct crypto exchange Cryptopia launched its NZDT token, which was reportedly the first to be pegged to the New Zealand dollar. More recently, financial services firm Power Finance announced it would launch an unsupported digital version of the New Zealand dollar in early 2021.
