Kiwi-based Stablecoin and Crypto Wallet launched
Easy Crypto has announced two new products that address the biggest barriers to crypto adoption in New Zealand - volatility and complexity.
7 January 2024
The NZ dollar-backed stablecoin called NZDD offers a stable entry into the digital marketplace, marrying the trustworthiness of the New Zealand dollar with all the benefits of blockchain.
And to store the asset a new crypto wallet has been created offering one easy place for all cryptocurrencies.
“According to the FMA, roughly 10 per cent of the New Zealand population own crypto assets. What are the key barriers restricting others from getting involved? These often include volatility and complexity and as New Zealand’s largest non-custodial cryptocurrency exchange, we’re focused on solving these challenges as digitisation grows. Kiwis need a seamless onramp to crypto,” says Easy Crypto’s co-founder and CEO, Janine Grainger.
“Everything is going digital - including currency - but what makes many people hesitate is the stability of these assets. We wanted to change this by offering a trusted NZ dollar backed ‘stablecoin’ that bridges the gap between traditional finance and the digital age. NZDD brings the benefits of digitisation to the New Zealand dollar; backed 1:1 with Kiwi dollars held in a bare trust; meaning it’s safe and flexible. The stablecoin has also been structured to fit in with NZ regulations,” says Janine.
Coupled to this, Easy Crypto has made it even simpler to trade and store digital assets with a crypto wallet made for humans.
“Managing your crypto shouldn’t be daunting; and you certainly shouldn’t need a collection of different wallets. We wanted to simplify the crypto experience, offering a secure, all-in-one solution to effortlessly and securely store and manage digital assets for both beginners and seasoned crypto investors.”
Crypto without the drama
Stablecoins represent a category of cryptocurrencies backed by reserve assets, such as fiat currency or precious metals. They have gained popularity for their ability to combine the rapid transaction processing, security and efficient features of crypto with the reliability of the underlying asset - in this case the NZ dollar.
For first-time investors, NZDD offers a stable way to start investing in the digital world and a “safe haven in the crypto storm”. For experienced investors and traders, NZDD is a stable store of value and liquidity.
“Critically, NZDD will move NZ forward as a nation, giving us a digital, programmable currency that can do everything the NZD can do, but faster, more efficiently and in a way that is interoperable with the future digitisation of assets,” says Janine.
What is a stablecoin?
stablecoin offers users fast, robust and reliable low-cost transactions and 24/7 access to the currency (without bureaucratic banking paperwork, excessive fees or lengthy timelines). It also enables safe, fast peer-to-peer transactions such as sending money home from overseas.
The wallet allows users to import and safely manage multiple accounts within the same wallet and once set up they’ll be able to buy and sell from a growing list of over 50 of the most popular cryptocurrencies and tokens.
In addition, they won’t have to worry about losing their keys or access to digital assets thanks to cutting edge security and recovery features.
“This includes multi-party computation (MPC), bringing enterprise grade security to a consumer wallet. There’s also a new Social Recovery feature helping you recover your wallet should you lose it,” says Janine. “In effect, your family and friends become your safety net rather than having to note down or remember seed phrases or digital keys.”
Disclaimer: Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
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