Canada’s leading cryptocurrency firm, Coinsquare, will launch their stablecoin eCAD, which will for the first time peg the Canadian Dollar with a Stablecoin. The firm believes this will further help in the mass adoption of cryptocurrencies in Canada.
Cole Diamond, CEO of Coinsquare said that they were very thrilled to announce the first step of their plan in order to bring stability and opportunities to the Canadian cryptocurrency market.
He further elaborated that the launch of the eCAD will create the first secure, affordable and transparent environment for the transferring of value in and outside the country. The stablecoin will also avoid the usual risks related to the instability of the cryptocurrency market.
Stability of eCAD
The company also announced in their press release that a Canadian Dollar would be kept in reserve for every eCAD token. The prices of eCAD will be determined by CAD at a 1:1 ratio. This makes eCAD quite transparent, reliable and secure and a better alternative to a lot of USD based stablecoins like Bitcoin for investors to invest in.
However, in the announcement the company did not give any details on the proof of its reserves.
Company’s Recent Acquisition
The company recently acquired StellarX, a decentralized exchange, for an undisclosed amount. The Bermuda based company is now a wholly owned subsidiary of Coinsquare.
More About the Company
Coinsquare is a Canadian Company founded in 2014 which mainly trades in Bitcoin, Litecoin and Ethereum. The company is backed by Canaccord Genuity, a financial services firm which raised $30 million in 2018 which at the time the company said will be used for the diversification of the company and creating a better experience for the users of the cryptocurrency exchange firm.