Stablecoin Startup ZAR Raises $12.9 Million in Funding Round Led by a16z

BlockBeats News, October 28th, according to Bloomberg, stablecoin startup ZAR has raised $12.9 million in a new funding round, led by a16z, with participation from Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst.

ZAR aims to leverage Pakistan's ubiquitous phone kiosks, convenience stores, and money agents to test a dollar-backed digital currency in everyday life. ZAR launched its platform earlier this year. Users can walk into local stores, scan a QR code, and exchange cash for digital dollars in their mobile wallets. The idea is that they can then use these digital currencies in stores without needing to understand stablecoins or blockchain technology. The startup has stated that its wallet is linked to a globally accepted Visa card.