Coinsquare is Canada’s digital currency exchange giant. It has announced the launch of a new CAD supported stablecoin called- ‘eCAD.’ The properties of this stablecoin are- it will sustain the price of the Canadian dollar; also, it will sustain the fiat collaterals in escrow. Sustaining the fiat collaterals in escrow basically means that they are permitted to receive funds in exact number as the number of tokens that are in circulation in the crypto market. The exchange also revealed that it would be of high use to the consumer and businesses.
eCAD will prove to be highly useful for cross-border payments and remittance, P2P lending, merchant solutions, trade settlements, and FX conversions, as per the digital currency exchange giant. Further, the exchange thinks that this will bring in around 5 billion USD every year of crypto trades, and will attract approximately 100,000 customers towards the platform.
On the other hand, there are several launch plans for many Euro, British pound and U.S. dollar based crypto tokens. The launch of eCAD only stirs up the heat in the market and raise the bar of the competition.
One can say that the lack of trust around Tether USDT has indirectly encouraged the emergence of new alternative solutions. A few days ago, the CEO of OKEx noted that his company is supporting new cryptocurrency that can be pegged to the U.S. dollar. It is done in partnership with Prime Trust. Prime Trust is SEC-regulated.
There is more news from the Coinsquare land. In 2018, the digital currency exchange bought BlockEQ. BlockEQ is a private stellar wallet. Another feature of BlockEQ is that it can function as a decentralized network for cryptocurrency P2P payments and trading, as reported by financemagnets.com. This deal was the first time when the digital currency exchange purchased a smaller blockchain company. Further, the exchange is planning to enter the Asian market. As reported by financemagnets.com, “the trading venue is also making inroads into Asia as it plans to open a new cryptocurrency exchange in Japan.”
Further, the Cole Diamond, CEO of Coinsquare said,
“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.”