logo

Cryptopia to reinitiate tether token NZDT

newzealand

Last year New Zealand launched its very own crypto token dubbed New Zealand Dollar token or NZDT for short. However, as the country found it very difficult to regulate this token, it stopped its operations altogether.

Now, various sources claim that the country is working to re-initiate the crypto-currency. Cryptoenthusiasts across the country were very happy on hearing this.

The token was initially introduced during may last year. Cryptopia and a local bank joined hands in working for this project. This system was created in a short time and the principles on which it was supposed to work were simple.

People would deposit their money and receive an equal amount of the token. This could then be used to invest and trade with other crypto-tokens at a very fast rate.

This provided the people with an easy access into the crypto market while it increased the user base of Cryptopia. Everything went downhill from there as bank canceled its partnership with Cryptopia seeing as the neighbor Australia had a very strict policy against crypto-currencies.

This resulted in a huge shock to the crypto-sphere as it marked the end of the tether service. The people who had the tether had to use crude and inefficient methods that put them at a loss.

Now, officials from Cryptopia are claiming that the firm has engaged with another bank to re-initiate the tether system. Members of crypto-sphere are looking towards its re-introduction as it is the most efficient way to connect to the crypto market.

Moreover, officials believe that the token has applications beyond just connecting crypto to fiat, they believe that this token can be used is easing the day to day lives of the user.

Marko Tee

Marko Tee

Contributor and news writer for Cryptolitan.com. Marko has 4+ years of experience as a journalist and covered cryptocurrency and blockchain technology. He has years of experience writing about tech news and innovation.

Related News

Hot Stories

Bitcoin, Ethereum, ApeCoin, and Decentraland MANA Daily Price Analyses – 17 August Roundup
How to bridge to Dogechain?
Cardano price analysis: ADA falls flat to decline below $0.55 support
Bitcoin price analysis: Consolidation tests bulls as BTC remains below $24k
Dogecoin price analysis: DOGE swiftly drops 10 percent, higher local low set?

Follow Us

Industry News

How to bridge to Dogechain?
Why learn blockchain, Defi, and crypto technology at a top university?
Best Twitter thread of the day - August 17th
Top tweets of the day - August 17th
New York Court rules in favor of Celsius Network to sell mined Bitcoin. More sell pressure?