Coinsquare will launch eCAD, Canada’s first fiat-backed stablecoin

05 Apr, 2019
by Joeri Cant
Exchange
Coinsquare will launch eCAD, Canada’s first fiat-backed stablecoin

Coinsquare, a Canadian cryptocurrency exchange, announced today that they will be launching eCAD, the very first stablecoin pegged to the Canadian dollar. 

According to the press release, Coinsquare, considered to be one of Canada’s top cryptocurrency exchanges, will be launching Canada's very first stablecoin, which will be backed by the Canadian dollar and will help to provide the Canadian and global markets the stability of the Canadian dollar with the benefits of a digital currency.

'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.'

The press release went on to say that the eCAD stablecoin will allow investors to purchase eCAD on a 1:1 basis with CAD. For every one eCAD created, one Canadian dollar will be held in reserve.

As a result, Coinsquare will 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 announcement didn't mention an exact date for when the eCAD will officially be released.

Read more: What can you buy with Bitcoin?: 2010 vs 2023

The performance of Coinsquare, aka Canada’s Coinbase, has been a wild rollercoast ride to say the least, with the purchase of XLM wallet BlockEQ back in December 2018, and the recent expansion into Europe which was shortly followed by a mass redundancy of 40 employees.

However, Coinsquare's future launch of its new stablecoin suggests that it is now back on track, and shows further progress after the acquisiton of trading app StellarX in February.

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