ZARP is a cryptocurrency pegged to the price of the South African Rand (ZAR). 1 ZARP equals 1 ZAR, stored in our treasury account. ZARP is the only bank-approved, fully backed, transparent, and audited stablecoin for the South African Rand.
We created ZARP to make the Rand compatible with the future financial system.
From Wikipedia: Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some "stable" asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals). For ZARP this means being pegged to the South African Rand, so that the price of 1 ZARP always equals 1 South African Rand.
‘ZAR’ is the ticker symbol for the South African Rand currency. The ‘ZA’ is often used to describe South Africa, for example in the country’s .co.za internet domain names, and refers to the name Zuid-Afrika. The ‘P’ stands for peg, because ZARP is pegged to the price of the South African Rand.
A true stablecoin is backed by a validated treasury of currency in reserve, which guarantees the value of the coin. ZARP is the only true stablecoin for the South African Rand. We have bank-approval for our treasury reserves, which are independantly audited by Kempen Audit with comprehensive attestation reports.
Whenever our Minting Partners buy ZARP from us, we create new tokens to match the amount of ZARP being acquired. These rands are kept safely in our treasury until a partner wants to withdraw real rands from us, at which point we burn (destroy) their ZARP tokens, and send actual rands to their bank account. Our treasury is verified by independent auditors to guarantee that we actually have the money we claim to and are acting honestly in maintaining our treasury. This way there is always at least 1 South African Rand for every 1 ZARP token, and we will never pay more or less than R1 for every ZARP minted or burned with us. Simple ✨
Anyone who can get hold of it! But for now only our Minting Partners are allowed to mint and burn tokens directly with us.
ZARP is built on the Ethereum blockchain, using the ERC20 token standard. We chose Ethereum because it is:
We are also open to taking ZARP onto additional blockchains, but have no plans to do so at present.
There is currently R1,059,421.93 backing 1,059,200.00 ZARP tokens