Keep3r Fixed Forex: $1bn TVL, zarp.cash collaboration, and ZAR launch
Fixed Forex has crossed $1bn in TVL, currently at $1.3bn.
Keep3r Fixed Forex adds ZAR (South African Rand) as a supported asset.
Mint at fixedforex.fi/mint
Fixed Forex’ goal is to allow for deep on-chain forex liquidity. Forex markets are under presented in defi, while USD is over presented. As part of this goal, we have been focusing on creating both centralized, and decentralized on/off-ramps from/into fiat.
As the first of these, Fixed Forex has initiated a collaboration with zarp.cash, ZARP is a cryptocurrency pegged to the price of the South African Rand (ZAR). 1 ZARP equals 1 ZAR, stored in a treasury account, and independently verified by Kempen Audit with regular attestation reports. ZARP is the only fully backed, transparent, and audited stablecoin for the South African Rand.
ZARP is developed by Venox Digital Assets, founded by Simon Dingle and Kenny Inngs. The project was started to represent Rand in DeFi.
ibZAR/ZARP will be paired together along with ibZAR/USDC. This will allow ZARP minters yield opportunities and access into defi. This is further facilitated via two other partnerships, more details to follow.