Crypto Exchange Coinsquare to Launch Canadian Dollar-Backed Stablecoin eCAD

[Pegasus]

Coinsquare, a popular Canadian cryptocurrency exchange, has recently revealed it’s going to launch a Canadian dollar-backed stablecoin called eCAD, meaning each circulating eCAD is set to be backed 1:1 by a Canadian dollar in its reserves.

According to a recently published press release, Coinsquare’s new stablecoin is set to be a reliable store of value that gives investors an alternative to the cryptocurrency ecosystem’s stablecoins, which are backed by US dollars or euros.

The document notes eCAD will help in “Coinsquare’s mission to become a 21st century financial institution,” as it’ll allow the firm to “explore and optimized” financial services such as cross-border transactions, remittance payments, and peer-to-peer lending.

The company’s chief executive officer, Cole Diamond, stated:

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, a popular Canadian cryptocurrency exchange, has recently revealed it’s going to launch a Canadian dollar-backed stablecoin called eCAD, meaning each circulating eCAD is set to be backed 1:1 by a Canadian dollar in its reserves.

According to a recently published press release, Coinsquare’s new stablecoin is set to be a reliable store of value that gives investors an alternative to the cryptocurrency ecosystem’s stablecoins, which are backed by US dollars or euros.

The document notes eCAD will help in “Coinsquare’s mission to become a 21st century financial institution,” as it’ll allow the firm to “explore and optimized” financial services such as cross-border transactions, remittance payments, and peer-to-peer lending.

The company’s chief executive officer, Cole Diamond, stated:

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.

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