The Canadian firm Blockchain Venture Capital Inc. (BVCI) has launched a new stablecoin christened CUSD, whose value will be attached to the US dollar. This development comes only 120 days after BVCI launched a Canadian dollar-pegged stablecoin, CADT. Stablecoins are seen as a safe haven to control the volatility associated with digital currencies. Several countries and mainstream companies are already venturing into the capabilities of stablecoins.
The BVCI, which is a Canadian company incorporated according to the laws of Ontario, developed both the CADT and CUSD stablecoins. While CADT was attached to the Canadian dollar, CUSD is backed by the US dollar and expected to serve as a global stablecoin. BVCI also aims to use CUSD to serve both individuals and businesses because the coin can facilitate cross-border trades between Canada and America.
A section of the official statement reads:
“CUSD facilitates cashless transactions with the pledged value of USD deposited into an Escrow Account with a US-based financial institution. With superior blockchain technology, BVCI can reconcile CUSD and USD on a real-time basis. People and businesses can enjoy secure and fast convenience without the drawbacks of using cash or expensive third-party intermediaries.”
Easy Buying of CUSD Stablecoin
Importantly, BVCI has made it easy for users to purchase CUSD through BvcPay, which is the firm’s digital wallet application. Users can utilize their USD to purchase CUSD and even transfer the stablecoins to the digital wallet. Users will be able to acquire USD by moving the stablecoins into the BVC-wallet.
In another development, the Bank of Canada disclosed that it’s considering issuing their native cryptocurrencies. However, the Financial Action Task Force (FATF) and the Bank of International Settlements have branded stablecoins a global risk.
Since its launch, BVCI focuses on blockchain research and development. It has created the BVC-Chain, which is a public, decentralized blockchain that integrates both Ethereum and Ripple blockchains. The BvcPay, which is a mobile application that also serves as a digital asset wallet, is another creation of the BVCI. BvcPay also functions as a blockchain explorer, an OTC trading, and a decentralized exchange platform.
BVCI operates within the Canadian law and complies with all federal regulations that govern the transmission of cryptocurrency. The company is set to deliver more fintech products to facilitate and provide both individuals and businesses with fast, secure, as well as convenient channels and credit ecosystem.
Featured Image Source: BVCI website