Today, Coinsquare, the Canadian cryptocurrency exchange, announced the launch of eCAD, the very first stable-coin tied to the Canadian dollar.
According to the press release, Coinsquare, which is considered one of the leading Canadian cryptocurrency exchanges, will launch the very first Canadian stable-coin, which will be supported by the Canadian dollar and will help ensure the stability of the Canadian dollar and the global market.
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“We are pleased to announce the first step of our plan to ensure stability and opportunities in the Canadian cryptocurrency market,” said Cole Diamond, Coinsquare CEO.
“The launch of eCAD will create the first affordable and secure way to transfer currencies in Canada and beyond, without the risk of instability in the traditional cryptocurrency market.” –
The press release further stated that a eCAD stable-coin will allow investors to buy eCAD in a 1:1 ratio with CAD. For every eCAD created, one Canadian dollar is reserved.
As a result, Coinsquare will be able to offer a transparent and reliable asset that global investors can use as a depository and transfer of savings as well as an alternative to several stable-coins supported by the US dollar.
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The announcement does not indicate the exact date of the official release of eCAD.
Coinsquare will launch eCAD, the first Canadian stable-coin. The launch by the Coinsquare of its new stable-coin assumes that now the exchange will break into the market again and show further progress.
Editor: Yuliya Soroka