The evolution of New Zealand's digital asset exchanges

 

The evolution of

New Zealand's digital asset exchanges

A stable currency was launched in New Zealand by one of

the country's largest digital asset exchanges. The stable currency bears

the name NZDD and depends on the New Zealand dollar as its support.

The stable currency is regulated

by the New Zealand Financial Markets Authority (FMA).

Easy Crypto

New Zealand's largest non-custodial digital asset exchange

has collaborated with Australian blockchain company Labrys to

develop the NZDD currency.

Launched on the Ethereum blockchain series

the two companies aim to expand to other chains, including

the core Coinbase series used by the US stock exchange Coinbase.

Easy Crypto believes that volatility and complexity

are the two main challenges facing the adoption of digital assets.

According to the company's CEO

Janine Grainger

The NZDD currency will solve the first problem by providing

a fixed value store that extends to digital assets further.

The company aims to change the current situation and offer a stable

reliable

New Zealand Dollar-backed currency (NZDD)

to enhance traditional finance and the digital age.

New Zealand companies were increasingly

using digital assets for cross-border payments.

With NZDD currency

customers can now enjoy low fees thanks to

the technology used in the blockchain without facing negative fluctuations.

NZDD

is not the first stable currency linked to

the New Zealand dollar launched in the country.

In 2021, local fintech company Techemynt launched

a stable currency linked to the New Zealand dollar.

This currency

was first made available on

the local Dasset Exchange to ordinary users

and by the financial company to user

who buy more than $ 70 thousand in stable currency.

However

the DFX Finance platform

was hacked in November 2022

and the Dasset Exchange has since closed.

The first attempt to launch a New Zealand dollar-related stable currency

was made in 2017 by Cryptopia, the exchange that

collapsed after being hacked in 2019.

In addition to launching the stablecoin

Easy Crypto

has launched a new self-guarded portfolio

with a social recovery feature, where users can rely on

their friends and family members to recover their wallets if necessary.