Coinsquare Exchange Announces Launch Of eCAD Stablecoin
A Toronto-based Coinsquare exchange intends to launch its own stablecoin, pegged to the exchange rate of the Canadian dollar, the local currency, as follows from the press release.
This will be the first cryptocurrency backed by the fiat CAD. The new token, which will receive the eCAD ticker, is intended to become an alternative for Canadian and foreign investors, replacing the existing dollar stablecoins.
One stable token will be equal to one Canadian dollar on the Coinsquare bank account. Listing this coin on the trading platform will diversify the range of financial services, provide new opportunities for cross-border transfers and lending, and may also be useful when exchanging currencies and paying for goods in different outlets.
eCAD combines the stability of CAD and the advantages of digital currencies. As Cole Diamond, Coinsquare chief, stated, the new token will create Canada's first transparent and secure digital market for transferring funds that will eliminate the risk of volatility.
There is no information about the exact launch date of eCAD.
Coinsquare, one of the largest Canadian exchanges, was established in 2014. Currently, it operates in 25 countries in Europe. Representatives of the platform claim that Coinsquare meets the needs of regulators and is fully compatible with the EU crypto markets.
In April, a new stablecoin called TrueGBP, pegged to the British pound, appeared. It was developed by the TrustToken platform, known as the issuer of another stablecoin — TrueUSD. TrueGBP has already appeared in the company's mobile app and on several over-the-counter platforms.
Earlier, the Canadian city allowed paying taxes in bitcoins.