- The token will be used in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, trade settlements, and forex conversions.
- CEO Cole Diamond believes that eCAD will “create the first transparent, affordable, and secure way of transferring value in Canada and beyond.”
Cryptocurrency exchange Coinsquare is launching a stablecoin pegged 1:1 to the Canadian dollar (CAD). The eCAD token will be used in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, trade settlements, and forex conversions.
Cole Diamond, CEO of Coinsquare, stated:
“We are thrilled to announce the first step of our plan to bring stability and opportunity to the Canadian cryptocurrency market. 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 announced in a press release:
“Coinsquare’s eCAD, a CAD-backed stablecoin, will provide the Canadian and global markets the stability of the Canadian dollar with the benefits of a digital currency. This new product will allow investors to purchase eCAD on a 1:1 basis with CAD. For every one eCAD created, one Canadian dollar (CAD) will be held in reserve. 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.”
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