• Fri, 26 Apr 2019, 06:25 AM
  • All times are UTC
  • Edition:
    International
Link copied

Crypto exchange Coinsquare to launch Canadian Dollar-pegged stablecoin ‘eCAD’

Fri, 05 Apr 2019, 05:29 am UTC

Canadian crypto trading platform Coinsquare has announced that it is going to launch the first stablecoin pegged to the Canadian dollar.

Called “eCAD,” the stablecoin will provide domestic and global markets the stability of the Canadian dollar (CAD) with the benefits of a digital currency. It will allow investors to purchase eCAD on a 1:1 basis with CAD.

For every one eCAD created, one CAD will be held in reserve, the release said. Coinsquare said that it will offer a “transparent and reliable” asset that investors can use as “a store and transfer of value and as an alternative to several USD-backed stablecoins.”

“We are thrilled to announce the first step of our plan to bring stability and opportunity to the Canadian cryptocurrency market,” said Cole Diamond, CEO of Coinsquare. “The launch of eCAD will create the first transparent, affordable, and secure way of transferring value in Canada and beyond, without the risk of instability in the traditional cryptocurrency market.”

Coinsquare said that the stablecoin offering will allow it to continue exploring how to optimize financial services including cross-border payments and remittance, peer-to-peer lending, merchant solutions, trade settlements, and FX conversions.

Earlier this year, Coinsquare acquired StellarX, a full-featured trading app for Stellar’s universal marketplace, which followed the acquisition of BlockEQ, a crypto wallet on the Stellar network, in December 2018.

In the past couple of months, a number of cryptocurrency exchanges and other entities have launched various stablecoins. This includes Universal Protocol Alliance’s Universal Euro (UPEUR) and Universal Dollar (UPUSD), Gemini dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), and others.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,295.88 (-2.83%)
  • Ethereum (ETH) $155.83 (-4.98%)
  • XRP (XRP) $0.292800 (-2.32%)
  • Bitcoin Cash (BCH) $268.55 (-3.61%)
  • Litecoin (LTC) $72.47 (-0.72%)
  • Bitcoin (BTC) $5,295.88 (-2.83%)
Apr 26, 2019 (Friday)
05:16
Marsh to rollout proof of insurance blockchain platform
04:22
Wirex partners with Stellar network, announces plan to launch 26 stablecoins
03:50
FINRA establishes new office focused on fintech innovation
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft