• Tue, 10 Dec 2019, 03:11 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
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. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,403.77 (-1.64%)
  • Ethereum (ETH) $147.67 (-2.03%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $209.22 (-2.09%)
  • Litecoin (LTC) $44.71 (-2.06%)
  • Bitcoin (BTC) $7,403.77 (-1.64%)
Dec 9, 2019 (Monday)
16:11
Blockchain-based social media platform Voice to release public beta in February 2020
14:49
Crypto exchange OKEx to launch options trading this month
13:19
Cryptocurrencies could replace fiat currencies by 2030, says Deutsche Bank
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:52
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:31
Crypto Technicals: XRP/USD halts 4 straight session's of gains, finds stiff resistance at 21-EMA
10:34
Boerse Stuttgart’s cryptocurrency exchange BSDEX opens to all German investors
09:19
Ukraine passes final regulatory law for anti-money laundering; Taps Belarus exchange for more regulatory expertise
08:31
Crypto Technicals: LTC/USD lacks upside momentum, sideways grind likely before next leg lower
08:29
Crypto Technicals: ETH/USD holds above 5-DMA, 'Golden Cross' on hourly charts keeps scope for upside
05:29
Crypto Technicals: BTC/USD shows bullish signs on intraday charts, break above 21-EMA will open upside
04:39
Microsoft unveils blockchain token and data management service
04:03
Securitize acquires Japanese blockchain consultancy firm following backing from SBI Investment
03:21
Kadena blockchain to track CBD oil in partnership healthcare-focused tech firm
03:13
Bank of China lends $2.8B to SMEs using own blockchain-based bond issuance system
Dec 8, 2019 (Sunday)
10:32
Investment group acquires green light from the SEC for Bitcoin Futures fund
10:16
SEC taps British court to acquire deposition from former Telegram chief investment advisor
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft