South Africa’s Old Mutual Wealth and financial services provider Inves Capital recently revealed plans to inject liquidity into the ZARP stablecoin network. Inves Capital’s managing director said “crypto is entering a new phase” of growth and ZARP is set to “play a central role.”
‘Substantial Liquidity’ to Be Injected Into the ZARP Network
South African financial services giant Old Mutual Wealth and Inves Capital recently revealed their plan to financially back the zarp stablecoin project. In addition, the two organizations reportedly pledged to promote its use in decentralized finance (defi) protocols.
According to a Globalcrypto TV report, the planned injection of “substantial” of liquidity into the ZARP network would broaden Old Mutual Wealth’s relationship with the stablecoin project. As previously reported by Bitcoin.com News, the financial services giant has been the manager of the stablecoin project’s cash reserves since Sept. 2022.
Commenting on the two companies’ decision to enhance support for the stablecoin, Simon Dingle, the managing director Inves Capital, said:
“We are now extending our relationship to explore new frontiers in decentralised finance and provide deep liquidity to emerging capital markets. Crypto is entering a new phase of growth and ZARP is braced to play a central role in representing rand value in these exciting new protocols.”
Dingle, who also manages the stablecoin, suggested that South Africa’s decision to designate crypto assets as a financial product may have played a part in convincing Old Mutual and his firm.
Farhad Sader, the managing director of Old Mutual, said seeing “the potential application of the technology first-hand” made the decision to honor its pledge to extend its partnership with the stablecoin project easier.
Read the full article here