Fun

Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves

News Feed - 2022-09-15 03:09:06

Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project"s Cash Reserves


One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of the Stablecoin


The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said.


According to a Mybroadband report, the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, the report added.




Remarking on the likely impact of Old Mutual Wealth’s association with the stablecoin, Dingle, the managing director (MD) of ZARP, said: We set out to partner with the absolute best of the best in terms of managing our cash reserves, so naturally, Old Mutual Wealth is a perfect fit. Old Mutual Interested in Technology Backing Digital Currencies


For his part, Farhad Sader, the MD at Old Mutual Wealth, suggested that his company’s partnership with the stablecoin project ensures the financial services giant is not left behind.


“It pushes the boundaries of innovation, historically dominated by traditional businesses. This space will evolve, and our partnership will enable us to be a part of the journey,” Sader explained.


The MD added that while the many concepts of decentralization are not exactly new, his company is very interested in the underlying technology.


In addition to its designation as South Africa’s “most trusted cryptocurrency project,” the zarp stablecoin is regularly audited. According to the report, the auditing and the release of an attestation report have been ongoing “from day one.” As shown by an attestation report published on May 16, the zarp stablecoin had tokens in circulation worth around $3.9 million.


Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story cash reserves, Old Mutual, South Africa, Stablecoin, zarp


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Dubai Luxury Hotel Palazzo Versace Allows Guests to Pay in Crypto EMERGING MARKETS | 2 days ago IMF Bailout Approval Helps Zambian Kwacha Take the Russian Ruble"s Position as World"s Best Performing Currency EMERGING MARKETS | Sep 3, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, By Henk Viljoen - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=70260151 Previous articleBinance Sees Record Increase in Indian Users After Government Starts Imposing New Crypto Tax Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B
Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggre
Digital Currency Group first-quarter revenue jumps 51% despite GBTC outflows
Ana Paula Pereira4 hours agoDigital Currency Group first-quarter revenue jumps 51% despite GBTC outflowsRevenue at Digital Currency Group (DCG) increased 51% to $229 million in the first quarter of 2024, driven by the re
China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level
China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in f
Prashant Jha10 hours agoBitcoin ETF applications: Who is filing and when the SEC may decideDespite BlackRock’s application for a Bitcoin spot ETF, its approval remains uncertain, with the SEC favoring another futures-b
The Digital Chamber pens letter to Vice President Kamala Harris
Vince Quill6 hours agoThe Digital Chamber pens letter to Vice President Kamala Harris“Over 50 million Americans own crypto,” the advocacy letter states while calling on Kamala Harris to deviate from the Democrats’
DueDEX is Paving the Way, Launching Fee-Free LINK/USDT Futures Trading
DueDEX is Paving the Way, Launching Fee-Free LINK/USDT Futures Trading1th October 2020, Belize City, Belize:With new exchanges cropping up, trading becoming ever-more popular, and t
Telegram CEO Pavel Durov Hints at Web3 Integration
Telegram CEO Pavel Durov Hints at Web3 Integration Pavel Durov, CEO of Telegram, has hinted at a series of Web3 enhancements coming to the popular messaging platform. Durov talked
Binance CEO’s Warning About Wazirx Wallets, Nigerian EFCC on Naira Depreciation, O’Leary Buys the Dip — Bitcoin.com News Week in Review
Binance CEO"s Warning About Wazirx Wallets, Nigerian EFCC on Naira Depreciation, O"Leary Buys the Dip — Bitcoin.com News Week in Review Another week has passed and developments i
Ripple Survey Suggests Latam Merchants Will Adopt Crypto Payments Massively After Three Years
Ripple Survey Suggests Latam Merchants Will Adopt Crypto Payments Massively After Three Years Latam merchants will be slower in adopting cryptocurrency payments compared to merchan
Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law
Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near futu
South Korea to Regularly Inspect Crypto Risks With New Monitoring Tools
South Korea to Regularly Inspect Crypto Risks With New Monitoring Tools South Korea’s financial regulator is developing new tools to regularly monitor crypto risks. The regul
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryp