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SuperGroup Enters The Stablecoin Arena With ZAR SuperCoin Stablecoin For Africa
SuperGroup Enters The Stablecoin Arena With ZAR SuperCoin Stablecoin For Africa. Photo By Zoë Reeve On Unsplash.
SuperGroup has announced it has launched its Rand-backed stablecoin for South Africa.
The company is entering the stablecoin arena by way of launching the ZAR SuperCoin, a stablecoin tied to the fiat currency Rand used in South Africa. The aim is to increase payment times and reduce the cost for sending money to partners, users and to its operating entities. ZAR's reserves will be custodied with ABSA Group.
CEO of SuperGroup Neal Menashe expressed:
“This marks a significant and strategic step forward in the company’s approach to payments. It is the first step in integrating digital assets into our product stack, and we expect it will lead to cost efficiencies over time.”
ZAR SuperCoin currently runs on the Solana network and uses Fireblocks' infrastructure for its upcoming wallet capabilites, where it will be possible to convert Rand to ZAR SuperCoin and vice versa, including future integrations with ATM points and POS systems for merchants. It is currently available on Luno, a CEX operating in 40 different countries.
SuperGroup is the parent company of large betting platforms and online casinos such as BetWay and SpinCasino, and is expecting continued growth across the African regions. In their latest quarterly earnings report, it was revealed that revenue grew 26% YoY with large contributions from success in countries such as Malawai, Tanzania and South Africa.
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