Canada, Feb 25, 2021 /AlexaBlockchain/ – Stablecorp, the pioneer behind Canada’s first production stablecoin QCAD, announced today the closing of C$2mm funding from a consortium of highly strategic investors led by Canadian Schedule 1 Bank VersaBank, DV Private Investments, Borderless Capital and a major U.S. Bitcoin financial services firm. These new consortium members will join existing strategic investors 3iQ and Mavennet to launch a new product VCAD.
VersaBank has entered into a strategic partnership with Stablecorp to develop VersaBank digital currency VCAD. VCAD will be issued using VersaBank’s VersaVault technology and backed 1:1 by deposits held within VersaBank, making it unique in terms of auditability and transparency in the global stablecoin space.
“The Canadian and Global financial markets infrastructure is long overdue for a significant upgrade and this strategic integration between the traditional banking system and next generation blockchain technology providers is an excellent catalyst for this evolution” said Jean Desgagne, CEO of Stablecorp. “The consortium we are announcing today, in addition to our founding shareholders, combine connectivity and vision across the full spectrum from traditional financial institutions to next generation decentralized finance and position Stablecorp as one of the leading financial technology providers globally.”
“The potential for truly trusted digital fiat equivalents is exciting” echoed 3iQ CEO Fred Pye “from new opportunities in trading execution and FX to decentralized finance and yield generation, we view this new suite of solutions from Stablecorp as critical to 3iQs evolution as the premier digitally-native asset manager globally”.
“As Canada’s leading market maker and liquidity provider for digital assets, we are highly aligned with Stablecorp’s vision of connected digital fiat integration in Canada and globally and look forward to building with the team and consortium” continued Dino Verbrugge, Co-Owner of DV Private Investments.
David Garcia, CEO and Managing Partner of Borderless Capital mentioned “We are excited and proud to back Stablecorp and how the team is disruptively combining the power of stable digital money with the technological superiority of the Algorand Blockchain.”
David Taylor, President and CEO of VersaBank concluded “VersaBank was the first digital bank nearly 30 years ago and has continuously been a pioneer in digital banking in the decades since. Digital currencies are the natural evolution of the world’s payment systems, and the launch of VCAD is a natural extension of our digital banking operations. We are proud to work with our partner, Stablecorp, on this industry first.”
Stablecorp, in conjunction with consortium partners, will be executing highly targeted near-term growth strategies in decentralized finance, yield generation, foreign exchange, payments, settlement, remittances and digital asset trading space. Stablecorp, in partnership with VersaBank, will also be pursuing global expansion into additional deposit-based stablecoins.
In connection with the launch of VCAD, a transition plan from QCAD to VCAD will be forthcoming. In the interim, QCAD will continue to be available for purchase and sale through the Stablecorp network of authorized dealers. QCAD will continue to be backed 1:1 by Canadian Dollars held by an independent custodian at a Canadian bank.
