Old Mutual, one of South Africa's most prominent financial services companies, has been named manager of the ZARP stablecoin's cash reserves. The stablecoin's founders are optimistic that the appointment by Old Mutual, one of South Africa's oldest financial service companies, will boost confidence in the currency.
Stablecoin Credibility Enhancement
Old Mutual, a South African financial services company, has been appointed manager of cash reserves for the stablecoin. According to a report, Old Mutual, which is one of South Africa's oldest wealth management companies, was appointed as the manager of cash reserves of the stablecoin. This appointment will help increase confidence in the project.
Mybroadband reports that the stablecoin Kenny Inngs and Simon Dingle founded in 2021 was South Africa's first bank-approved and audited stablecoin. The report said that Old Mutual's joining the team is expected to increase the cryptocurrency's credibility.
Dingle, managing director (MD), of ZARP made a comment on the potential impact of Old Mutual Wealth's association to the stablecoin.
Old Mutual Wealth was chosen because it is the perfect partner for managing our cash reserves.
Old Mutual is interested in technology backing digital currencies
Farhad Sader (MD at Old Mutual Wealth) suggested that Old Mutual Wealth's partnership in stablecoin projects ensures that the financial services giant does not get left behind.
It pushes the boundaries and innovation that have been historically held back by traditional businesses. "This space will evolve and our partnership will allow us to be part of that journey," Sader said.
The MD stated that although the concepts of decentralization may not be new, his company is interested in the technology behind them.
The zarp stablecoin has been designated South Africa's most trusted cryptocurrency project. It is also regularly audited. The report states that the auditing and publication of an attestation reports have been ongoing since the beginning. A May 16 attestation report shows that there were tokens worth approximately $3.9 million in circulation.
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By: Terence Zimwara
Title: Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves
Sourced From: news.bitcoin.com/report-financial-services-giant-old-mutual-appointed-manager-of-south-african-stablecoin-projects-cash-reserves/
Published Date: Thu, 15 Sep 2022 06:00:06 +0000
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