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Canada’s leading crypto exchange and trading platform Coinsquare is all set to introduce Canada’s first stablecoin that is backed by the Canadian dollar, eCAD™. The world’s first Canadian dollar backed stablecoin is aiming to strengthen cryptocurrency mass adoption and create a secure, affordable, stable and transparent infrastructure to transfer value in Canada and across the globe. Moreover, eCAD will also enable the users to hedge against the volatility and uncertainty of the crypto market.
Coinsquare is Canada’s leading cryptocurrency exchange, founded in 2014. The company is on the mission to utilize blockchain technology to create a transparent and secure infrastructure for retail as well as institutional investors and traders. In addition to that, the company is planning to embrace blockchain to offer distinctive financial services.
Fiat-based stablecoins are likely to become a trend, if not already. Previously, IBM has signed six major global banks to launch to their own stablecoins on IBM’s World Wire Blockchain;tThese stablecoins are, or will be, pegged to the EURO. However, eCAD is all set to become the world’s first Canadian Dollar backed stablecoin and might accelerate the trend of fiat-based cryptocurrency.
Cole Diamond, CEO of Coinsquare, stated:
“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.”
With the stability of Canadian dollar and advantages of cryptocurrency, eCAD is venturing to open the new doors of opportunity to transfer value affordably and ease the trading process to make the Canadian market viable for international players and vice versa.
The eCAD tokens will be available to purchase on a 1:1 basis with CAD. This meaning, for every single token created there will be one Canadian dollar (CAD) to put into reserve. eCAD, apart from being a transparent and reliable asset that domestic as well as global investors can rely on to transfer and store value, it will also become a considerable alternative to several USD-backed stablecoins such as Tether, Gemini Dollar and Circle’s USDC.
With eCAD, Coinsquare is taking a step forward on its effort to becoming the world’s premier cryptocurrency exchange and trading platform. In addition, Coinsquare will also get a chance to explore the various ways of utilizing blockchain and cryptocurrency to embrace financial services such as cross-border payments and remittance, merchant solutions, P2P lending, trade settlements, and forex conversions.