Old Mutual Wealth and Inves Capital to Boost ZARP Stablecoin Network for DeFi

South Africa’s Old Mutual Wealth and financial services provider Inves Capital have unveiled their commitment to bolster the ZARP stablecoin network, aiming to enhance their support for decentralized finance (DeFi) protocols.

This move includes a planned injection of “substantial” liquidity into the ZARP network, building on Old Mutual Wealth’s existing role as the manager of the stablecoin project’s cash reserves since September 2022. Simon Dingle, Managing Director of Inves Capital, stated that the decision originates from their belief that “crypto is entering a new phase of growth,” and they see ZARP as positioned to play a pivotal role in representing the rand value in emerging DeFi protocols.

This development also aligns with South Africa’s classification of crypto assets as financial products, further solidifying the partnership between Old Mutual and Inves Capital in embracing the potential of this technology. Farhad Sader, Managing Director of Old Mutual, highlighted that witnessing the technology’s potential application firsthand facilitated their commitment to the stablecoin project.

Clever Robot News Desk 9^th November 2023