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Blockchain Venture Capital Inc. (BVCI), one of Canada’s biggest blockchain enterprises, expressed profound joy as it announced the addition of a new virtual currency to its increasing list: the stablecoin CUSD.
The blockchain-oriented firm is known for driving industry changes in the sector. And barely four months after the launch of the company’s other stablecoin, CADT, it has now made top headlines again. This time, it found a way to bridge the gap for both US and Canadian crypto communities.
The firm’s official press release reveals the launch of a new stablecoin tied to the United States dollar. The digital asset dubbed CUSD is proposed to be an easy and efficient way for BVCI’s clients in both the US and Canada to transact.
According to a statement in the press release, the stablecoin is expected to be employed globally across a ton of transactions for businesses and individuals alike. That said, the very nature of the stablecoin makes it a great choice, especially for Canada and the U.S. to conduct cross-border trades.
For the utmost transparency and trust, the firm didn’t just ensure stability by tying the virtual coin to the USD but also ensured that the pledged value of USD is deposited into an escrow account, managed by a US-based financial institution.
Like every other virtual currency out there, CUSD can be used for both local and international transactions. The digital coin, which is tied to the US dollar, can be easily converted to dollar via any supporting payment system such as the BvcPay app. In a similar manner, USD can be converted/stored in the form of CUSD and used for day-to-day purchases in supported stores.
The press release states:
“Through BvcPay, users can purchase one CUSD with one USD then transfer CUSD into their digital wallet. Users can also transfer their CUSD from their own digital wallet to the BVC-wallet in exchange for an equivalent amount of USD.”
Blockchain Venture Capital Inc. (BVCI) is a blockchain-based firm, which focuses on both research and use cases of blockchain technology. Serving greater Canada and the world at large, the firm has grown into one of the leaders in the Canadian crypto sector.
It currently boasts multiple virtual currencies, a mobile payment system (BvcPay), and an open-source decentralized blockchain dubbed BVC-Chain which smartly combines the Ripple (XRP)trade and Ethereum (ETH)trade blockchain networks. As always, the goal of the firm is to foster digital growth via blockchain technology.