Canadian Dollar-Backed Stablecoin Launched By Crypto Exchange Coinsquare

News | April 5, 2019 By:

Coinsquare, Canada’s largest crypto trading platform, will be launching the first stablecoin pegged to the Canadian dollar (CAD).

Dubbed eCAD, the CAD-backed stablecoin will reportedly provide the Canadian and global markets the stability of the Canadian dollar with the benefits of a digital currency. The Toronto-based exchange will allow investors to purchase the stablecoin on a 1:1 basis with CAD.

“For every one eCAD created, one Canadian dollar (CAD) will be held in reserve,” Coinsquare said. “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 CAD-backed stablecoin is part of Coinsquare’s mission to become a 21st century financial institution. It will allow the firm 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.

“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.”