Coinsquare, one of Canada's top crypto exchanges, will be launching a stablecoin backed by the Canadian dollar dubbed eCAD, according to a press release on April 4.The new coin will purportedly be backed at a 1:1 ratio with Canadian dollars.
Coinsquare states that the new coin will be a reliable and stable store of value that provides investors with an alternative to similar coins backed by the United States dollar.
"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 announcement did not provide a timeline for when the coin will officially be released.
Stablecoins are seen by some as a bridge between the crypto sphere and traditional investors, as the backing of a currency, commodity or algorithm can provide more stability than "Un-pegged" cryptocurrencies.
The crypto community has stressed the importance of audits for stablecoin projects, as some stablecoins have been suspected of not possessing the appropriate backing reserves.
Last year, the stablecoin Tether was subpoenaed by the U.S. government following suspicions that the project did not have the necessary have the dollars to back the currency at its claimed 1:1 ratio.
In March 2019, Tether became the subject of further scrutiny after social media users noticed it had removed previous claims that the altcoin was fully backed by U.S. dollars.
"Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities...".
Coinsquare Crypto Exchange Launches Canadian Dollar-Backed Stablecoin
Publicado en Apr 5, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.