Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves

Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves


One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency.

Enhancing Credibility of the Stablecoin

The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said.

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According to a Mybroadband report, the stablecoin that Simon Dingle and Kenny Inngs founded in

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