The New Zealand company is launching a NZD backed stablecoin

Auckland-based financial services company Techemynt, announced the launch of a stablecoin allegedly backed by the New Zealand dollar.

In a statement by Techemynt, The company today announced the launch of a cryptocurrency backed 1: 1 by the New Zealand dollar and provided by Blockchain Labs on Ethereum’s blockchain network.. Techemynt is a financial services company registered with the country’s financial watchdog, the Financial Markets Authority.

The company said it would offer the NZD stablecoin direct to customers who wanted to buy more than NZD 100,000.about $ 70,000. Cryptocurrency users can also find the token in the New Zealand cryptocurrency exchange Thatetxand Techemynt said that intends to integrate the stablecoin into more exchanges in the future.

The New Zealand company is launching a NZD backed stablecoin
The New Zealand company is launching a NZD backed stablecoin

“Between the popularity of the New Zealand dollar and the proliferation of cryptocurrencies, Techemynt saw it as an ideal time to fill the gap in the market and advance the creation of a stable coin based on the NZD.”said Techemynt’s CEO, Fran Strajnar. “After nearly a year of development, $ NZDs is now the first to introduce and keep the promise to bring a New Zealand dollar stablecoin into the world.”

Strajnar said the stablecoin had developed “Compliance with New Zealand Legal Requirements”. According to the Techemynt website The support of the stablecoin by the NZ dollar 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 a digital version of the unsupported New Zealand dollar in early 2021.

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