ZARCoin (ZARC) is a stablecoin that is 1:1 tied to the South African Rand (ZAR), and it was just established by the South African DeFi startup, NeoNomad. This digital currency, which was introduced on July 11th, 2024, aims to close the gap between traditional and cryptocurrency finance by enabling easy transactions both within and between countries.

Local reports state that the stablecoin is a component of a hybrid exchange platform designed to let the unbanked people of the nation profit from cryptocurrencies.

Hanres Beukes, CEO of NeoNomad, stated, “We’re building a growing financial ecosystem that overcomes obstacles like infrastructure and transportation to help people take ownership of their finances and encourage economic participation.”

The platform makes use of Solana Pay, a blockchain-based payment system that makes quick, inexpensive transactions possible. Through the scanning of QR codes, users can pay with cryptocurrency for point-of-sale goods with fees that are almost negligible. This technology could increase financial access for South Africans across all income levels, as it targets both banked and unbanked individuals.

NeoNomad questions established banking structures by emphasising Decentralised Finance (DeFi). The startup’s goal of lowering fees and facilitating peer-to-peer transactions without middlemen may appeal in a nation where banking expenses are still a divisive topic.

“A range of services in the Decentralised Finance domain and over a large network are made possible by this application. As part of a revolutionary African fintech infrastructure that supports the continent’s expanding digital economy, it’s intended to help consumers move from traditional banking into our safe stablecoin environment, according to Devon Krantz, COO of NeoNomad.

Following the approval of 138 licenses for crypto asset service providers by South Africa’s Financial Sector Conduct Authority (FSCA), which strengthened South Africa’s position as the continent’s centre for blockchain and cryptocurrency innovation, NeoNomad’s stablecoin was launched.

NeoNomad also has plans to establish the NomadLearn educational program and open DecentraLounge, a co-working facility for cryptocurrency aficionados situated in Cape Town, in Q4 2024.