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Is NZDD a legit crypto token?

Is NZDD a useful token from a legitimate project, or is it a scam?

Posted February 23, 2024
Last updated February 23, 2024

HUB - Is NZDD a legit crypto token_
HUB - Is NZDD a legit crypto token_

It’s 2024, and making crypto tokens is often as easy as creating memes with an online editor. So, how do you know that NZDD is a serious project with far ranging and potentially life-changing implications? How do we know that NZDD is not “just another coin” and is actually developed to solve real-world problems?

Here are 4 reasons why NZDD is a legit crypto project that is worthy of your time to investigate.

1. NZDD is created by Easy Crypto

Easy Crypto is a registered financial service provider in New Zealand. It has gone through two harsh crypto winters in the past five years, and is still standing as one of New Zealand’s favourite cryptocurrency markets with hundreds of thousands of customers and respect from crypto users in New Zealand and many other markets.

Developed and led by siblings Janine and Alan Grainger, the pair have garnered public attention, from the big banks, regulators, to institutional investors, who regard them as two innovative minds in Aotearoa’s crypto space and are often sought out for advice, input and guidance on the future of Web3 projects in New Zealand and beyond.

Are you a developer of Web3 applications? Our team is looking to scale NZDD across a diverse range of industries here in New Zealand and beyond. We’re looking for awesome, innovative pitches, and if you believe you have it, feel free to apply for our grant programme. Click here to learn more.

2. NZDD is a stablecoin 

It is true that anyone can create millions of coins out of thin air, hire influencers to promote them on social media, and sell them through a public coin offering (a practice known as “shilling”). In fact, this was quite a common way for “crypto start-ups” to make money back in 2017.

But Easy Crypto knows better than to commit securities fraud through shilling. Besides, even if someone could “shill” NZDD, it is virtually impossible for NZDD to “go to the moon”; it’s a stablecoin, after all. It’s designed so that its value is always at $1 New Zealand. Its value is backed by physical NZ dollars held in local New Zealand banks. 

Stablecoins have contributed more for the crypto space and real world businesses, than all the thousands of crypto tokens you probably have never heard of. Furthermore, having something with the value of the NZ dollar is advantageous because it is one of the more stable currencies in the world, along with major currencies like AUD, JPY, and HKD. 

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3. NZDD is backed by cash

Most people trade crypto using US dollar-backed stablecoins like USDT or USDC. Astute crypto investors have typically secured their crypto profits with USDT or USDC, and wait for the market to cool down before they start investing in cheaper crypto. This often means waiting for weeks and even months at the risk of being open to forex issues, while at the same time holding onto the belief that 1 USDT = 1 USDC = 1 US dollar.

But did you know that USDT is not backed by 100% USD cash? If you look at Tether’s most recent balance sheet, its reserve consists of some portion in short-term credit and cash equivalents (which is a fancy word for government bonds). USDC is backed by a larger portion of liquid assets, but it is still not backed with 100% cash. 

When we say “cash”, we mean actual money stored in a bank account — the very thing that backs NZDD stablecoin.

NZDD is backed by cash

4. NZDD was created to solve banking’s inefficiency

What’s the point of a NZD-backed stablecoin if people are already using digital payments provided by modern banks? Online banking and cashless payments have surely made life easier for Kiwis. However, the benefits of New Zealand’s digitised finance could only be felt by people living in the main islands. 

What about people who live abroad who still earn a living in New Zealand dollars? We found that cross-border remittance in New Zealand still needs a lot of work in terms of reducing costs associated with interbank bureaucracy. 

Not to mention, Kiwi crypto investors who want to secure their profits and hedge against crypto volatility must deal with USD-backed stablecoins, if they don’t want to immediately cash out through NZ banks and pay capital gains tax. 

The year 2023 saw the U.S. Federal Reserve struggling to keep inflation at bay and has inadvertently increased the value of the US dollar. Cashing out with USDT or USDC means selling crypto to buy the already expensive US dollar. For long-term Kiwi investors, holding expensive US dollars is risky. 

NZDD solves this conundrum by offering Kiwi crypto investors a place to park their profits in a currency that they’re already familiar with.

The takeaways

NZDD has emerged as a promising crypto project with a clear vision and solid foundation. Backed by Easy Crypto and supported by a stable value proposition, NZDD is not just another crypto token but a genuine solution to real-world problems in the digital finance space. Investors looking for a reliable and innovative crypto asset should definitely keep an eye on NZDD.

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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.

Last updated February 23, 2024

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