One of Canada’s top crypto exchanges, Coinsquare is all set to launch a stablecoin backed by the Canadian dollar dubbed eCAD. The news was announced by a press release. The new coin will be at a 1: 1 ratio with Canadian dollars. Per the exchange, new coin will provide investors an alternate option to coins backed by the US dollar.
The announcement did not provide a timeline for when the coin will officially be released.
However, the announcement did not provide any timeline for the official release of the coin.
The crypto community has time and again stressed the importance of audits for stablecoin projects. This is because some stablecoins have been suspected of not possessing the appropriate backing reserves.
Last year, the stablecoin Tether (USDT) was under radar as the U.S. government following suspicions that the project did not have the number of dollars to back the currency at its claimed 1:1 ratio.
In March 2019, Tether was further wrapped up in a controversy after social media users noticed it had removed previous claims od the altcoin being fully backed by U.S. dollars. Per the revised policy
In another news, CoinMarketFeed reported that Bibox, a leading crypto exchange is all set to launch an incubator for blockchain projects. The project will be called Bibox Orbit.
The project seeks to provide the best environment for high potential blockchain projects and also assist them in building and long-term development.
Bibox perpetual contracts will allow users to buy or sell with a leverage of up to 50x. Also, the exchange announced a range of incentives for traders who participated in the launch. Also, users who deposited more than 100 USDT and collectively traded up to 25BTC or 740 ETH of the contract face value were deemed as “Experience Officers”.