ZAR

The company's core service is a platform that facilitates the conversion of physical cash into digital dollars, specifically stablecoins like USDC. ZAR is not a direct currency exchange but provides the software infrastructure for peer-to-peer transactions between users and a network of local merchants. The business model targets individuals in over 110 countries, particularly in cash-heavy economies such as Pakistan, Nigeria, and Argentina, who may be seeking to protect their savings from local currency devaluation. Revenue is generated through transaction fees, which can vary by region, and merchants can earn a commission by setting a margin on the exchange rate.

The ZAR application provides users with a self-custodial digital wallet, meaning individuals retain sole control over their private keys and assets. Key features include the ability to find nearby merchants for cash-to-digital dollar exchanges, send and receive digital dollars, and spend them globally. The platform integrates with a virtual USD Visa card, which can be added to Apple Pay and Google Pay for tap-to-pay transactions and used for online purchases or ATM withdrawals worldwide. The digital dollars within the ZAR app are provided by Circle ($CRCL), a US-regulated company, linking the user's funds to verifiable reserves. The company has secured significant financial backing, raising $19.9 million from investors including Andreessen Horowitz, Dragonfly Capital, Coinbase Ventures, and VanEck.