CFOtech New Zealand - Technology news for CFOs & financial decision-makers
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Easy Crypto debuts NZD-backed all-in-one wallet, stablecoin
Thu, 23rd Nov 2023

Easy Crypto, the largest non-custodial cryptocurrency exchange in New Zealand, has announced the introduction of two innovative products designed to overcome the prevalent challenges of volatility and complexity - key barriers to crypto adoption. Launching a New Zealand dollar backed stablecoin called the "NZDD" and a comprehensive crypto wallet, the firm is entrenching its commitment to simplify the crypto experience for Kiwis.

Easy Crypto's Co-Founder and CEO, Janine Grainger, asserted that simplifying the path to crypto is crucial, as approximately 10% of New Zealand's population already own crypto assets. Grainger highlighted that volatility and complexity are primary restrains to widespread adoption. "As New Zealand's largest non-custodial cryptocurrency exchange, we're focused on addressing these issues as the digitisation trend expands," Grainger stated.

She further elaborated on NZDD, the NZ dollar-backed stablecoin designed to marry the trustworthiness of the New Zealand Dollar with the benefits of blockchain technology. "We aimed to offer a trusted stablecoin that bridges the gap between traditional finance and the digital age. NZDD, backed 1:1 with Kiwi dollars held in a bare trust, brings the benefits of digitisation to the New Zealand Dollar. The stablecoin has been structured in compliance with New Zealand's regulations," Grainger added.

Alongside NZDD, Easy Crypto is releasing a user-friendly crypto wallet that simplifies trading and storing digital assets like NZDD. "Managing your crypto shouldn't be daunting; you certainly shouldn't need a collection of different wallets. We aimed to simplify the crypto experience by offering a secure, all-in-one solution to seamlessly store and manage digital assets, suitable for everyone from beginners to seasoned crypto investors," Grainger expounded.

Stablecoins, cryptocurrencies backed by reserve assets, offer transaction swiftness, security and efficiency features of crypto with the reliability of the underlying asset. For beginners, NZDD provides a stable platform for investing in the digital world. Established investors and traders can count on NZDD for stable value storage and liquidity.

NZDD's wider application aims to propel New Zealand forward in the digitisation journey. Grainger expressed, "NZDD will help give New Zealand 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".

The crypto wallet launched by Easy Crypto is designed to guarantee simplicity and safety for any individual aspiring to manage their cryptocurrency. The wallet enables users to manage multiple accounts within the wallet and transact with a growing list of popular cryptocurrencies and tokens. It also offers innovative security and recovery features, including multi-party computation (MPC) for enterprise-grade security and Social Recovery feature for easy recovery of the wallet.

Grainger concluded by highlighting the significance of these two releases for Easy Crypto, stating, "The launch of not just one, but two industry-shaping products is a proud moment for our team, and one that we're confident will continue to drive even broader uptake of crypto."