CoinSquare, Canada’s leading cryptocurrency exchange has launched new CAD backed stablecoin known as eCAD™ which is designed to hold the value equal to Canadian Dollar and is suitable for consumer and business uses. It will also be Canada’s first fiat-backed cryptocurrency.
The exchange in its statement has said that it will hold all the fiat reserve in escrow, and allow investors to purchase eCAD on a 1:1 basis with CAD. The coin will help in cross-border remittance and payments, P2P lending, merchant solutions, trade settlement and FX conversions.
CoinSquare is projecting to provide an alternative to global investors as a store of value against several USD-backed stablecoins.
Cole Diamond, CEO of CoinSquare commented:
“We are thrilled to announce the first step of our plan to bring stability and opportunity to the Canadian cryptocurrency market. 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.”
The stablecoin market is heating up with many existing coins such as Tether, True USD, Gemini Dollar, USDC and many new Euro, GBP and USD pegged tokens launching this year. Recently, Tether was embroiled in the controversy after it confirmed that it did not have 100 per cent actual Dollar representation.
CoinSquare is the largest cryptocurrency exchange of Canada and claims to have $5 billion per year of cryptocurrency trades from over 100,000 trades.
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