NeoNomad Introduces ZARCoin (ZARC), a Stablecoin Pegged 1:1 to the South African Rand (ZAR)

Launched on July 11 2024, this digital currency seeks to bridge the gap between traditional and crypto finance facilitating seamless transactions both domestically and across borders.

South African DeFi startup NeoNomad has introduced ZARCoin (ZARC), a stablecoin pegged 1:1 to the South African Rand (ZAR). Launched on July 11 2024, the digital currency aims to bridge the gap between traditional and crypto finance.

The stablecoin is part of a hybrid exchange platform that aims to bring the benefits of cryptocurrency to the country’s unbanked population.

“We’re creating a growing financial ecosystem that overcomes challenges like infrastructure and transport to help people take ownership of their finances and encourage economic participation,” said NeoNomad CEO, Hanres Beukes.

The platform uses Solana Pay, a blockchain-based payment system that enables instant, low-cost transactions. Users can make crypto payments for point-of-sale purchases via QR code scanning, with fees approaching zero.

The technology targets both banked and unbanked South Africans, expanding financial access across the economic spectrum.

NeoNomad challenges traditional banking models by focusing on Decentralised Finance (DeFi). The startup aims to reduce fees and enable peer-to-peer transactions without intermediaries, a proposition that could resonate in a country where banking costs remain a contentious issue.

“This app enables a suite of offerings across a broad network and the Decentralised Finance space. It’s designed to transition users from traditional banking into our secure stablecoin ecosystem and to be part of a transformative African fintech platform that contributes to a growing digital continent,” said Devon Krantz, COO of NeoNomad.

The launch of NeoNomad’s stablecoin follows the recent approval of 138 crypto asset service provider licences by South Africa’s Financial Sector Conduct Authority (FSCA).

Also in NeoNomad’s plans are the introduction of the NomadLearn educational programme and an upcoming launch of DecentraLounge, a Cape Town-based co-working space for crypto enthusiasts, in Q4 2024.

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