Whangaree is looking to start trading on the NZ dollar, the first time the currency has been traded in a country outside of New Zealand.
It is the first instance of the currency exchange being traded in the New Zealand market since a similar move took place last month.
In New Zealand, the exchange rate for the NZD (NZD) is set at one dollar, and the price for the dollar is one New Zealand dollar.
Whangareee is also the first currency exchange in the world to be used on a non-stop basis, allowing traders to trade the exchange rates for a fixed period of time.
However, it is not the first place the currency is being used.
In December, the currency traded on the exchange was moved to a Hong Kong exchange for a limited period of trading.
Hong Kong’s Central Bank, however, said the move was a “serious error”, and it did not allow the exchange to move freely to and fro.
“Whangau will continue to maintain a stable and predictable exchange rate, which will remain in effect until we are ready to change it,” it said in a statement.
Hong Kowloon-based currency broker Alipin Yu told Al Jazeera the move would allow traders to have their funds locked up in a single place.
“It will be a big boon for us, because we will not have to travel a lot to do this, and it will be cheaper for us to do that.
It will also be easier to get to the market,” he said.
Yu added that the currency was expected to have an immediate impact on the supply chain.
“This will enable us to create more jobs, and that will mean more money flowing in from Hong Kong and China,” he added.
Alipin also said the market was very much in a bubble.
“The currency is now at $1,100 per NZD, but it will take three months to reach that,” he explained.
Whangarakea and its capital city Whangaraku are the main trading hubs for the New York-listed company, which is also one of the world’s largest bitcoin exchanges.
WhatsApp has also begun accepting the currency, although the service is currently only available in New York.