Where does the name ‘ZARP’ come from?
‘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 given to the country by Dutch explorers. The ‘P’ stands for peg, because ZARP is pegged to the price of the South African Rand.
What is a stablecoin?
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.
What is a "true" stablecoin?
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 fully audited and transparent.
How do you guarantee the price of ZARP?
Whenever someone buys ZARP from us, we mint new tokens to match the amount of ZARP purchased. These rands are kept safely in our treasury until someone 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 1 South African Rand for every 1 ZARP token. Simple ✨
Where can I get ZARP?
You will be able to purchase ZARP from this website soon, once you’ve signed up and submitted a copy of your ID and proof of residence. More about that below.
Why does ZARP require KYC?
KYC stands for ‘know your customer’ and is a requirement for financial institutions in South Africa. Cryptocurrency is not yet fully regulated, but we believe in self-regulating and creating sustainable, compliant businesses that work to prevent money laundering and other crime. Key to doing this is identifying and verifying our users.
Who can use ZARP?
Anyone who can get hold of it! To get it from us you need to create an account, submit a copy of your ID and proof of residence, and be able to transfer funds into our South African bank account. Soon you’ll be able to buy ZARP from cryptocurrency exchanges.
What exchanges currently list ZARP?
We are working with some of the leading exchanges in the market to list ZARP. The project is in its early stages and we’re still building and testing. Watch this space! If you’d like to help out, contact your favorite exchange and ask them to list ZARP, or if you represent an exchange that would like to list ZARP (good idea) please drop us a mail.
What blockchain does ZARP run on?
We’re keeping this to ourselves for now, but have an announcement to make soon!