Coinsquare, Canada’s premier cryptocurrency trading platform, will be launching eCAD™, the first stablecoin pegged to the Canadian dollar. eCAD™ marks the beginning of a new era for cryptocurrency mass adoption in Canada and beyond.
“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’s eCAD™, a CAD-backed stablecoin, will provide the Canadian and global markets the stability of the Canadian dollar with the benefits of a digital currency. This new product will allow investors to purchase eCAD™ on a 1:1 basis with CAD. For every one eCAD™ created, one Canadian dollar (CAD) will be held in reserve. As a result, Coinsquare is able to offer a transparent and reliable asset that global investors can use as a store and transfer of value and as an alternative to several USD-backed stablecoins.
The launch of eCAD™ will mark a significant step forward in Coinsquare’s mission to become a 21st century financial institution. The addition of this stablecoin offering will allow Coinsquare to continue to explore how to optimize financial services including cross-border payments and remittance, peer-to-peer lending, merchant solutions, trade settlements, and FX conversions.
Release originally published on Business Wire.