New Zealand’s Kiwi Dollar-Pegged Stablecoin NZDD Embarks With New Self-Custody Wallet

Sujha Sundararajan
Last updated: | 1 min read
Source: Pixabay

New Zealand-based crypto exchange Easy Crypto and Australian blockchain firm Labrys launched a new NZ dollar-pegged stablecoin on Wednesday.

Dubbed NZDD, the stablecoin will be regulated by the New Zealand Financial Markets Authority, a company statement read. The stablecoin will be initially available on Ethereum and has plans to expand to other chains including Polygon, and Arbitrum.

Easy Crypto’s co-founder and CEO Janine Grainger wrote that the NZDD stablecoin offers a stable entry into the digital marketplace. It embraces the trustworthiness of the New Zealand Dollar with all the benefits of blockchain, she added.

“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.”

Further, Grainger noted that only 10% of the New Zealand population owns crypto assets. Some of the key barriers restricting the rest of the population from getting involved include volatility and complexity.

“we’re focused on solving these challenges as digitization grows,” she said. “Kiwis need a seamless onramp to crypto.”

New Self-Custody Wallet

Alongside, the announcement also embarked a new multicurrency self-custody wallet, which acts as “one wallet for all your crypto.” The wallet comes with unlimited sub-wallets, multiple blockchains and a broad breadth of coins backed by state-of-the-art security.

“Managing your crypto shouldn’t be daunting; and you certainly shouldn’t need a collection of different wallets,” explains Grainger.

The wallet also allows users to import and safely manage multiple accounts within the same wallet. Additionally, users will have the option to buy and sell assets from over 50 of the most popular cryptocurrencies.

There are also cutting-edge security and recovery features such as multi-party computation (MPC). This feature helps in recovering wallet keys should you lose it, says Grainger.