Users can exchange and redeem the new currency into Canadian dollars
A new digital currency has been launched in Canada that is anchored to the loonie.
Blockchain Venture Capital Inc. (BVCI) has launched CADT with the support of custodial services from the Concentra Trust, offering a solution that enables users to exchange and redeem into Canadian dollars and vice versa.
Cryptocurrencies are enjoying an interest surge currently, despite bitcoin sliding back to around $27K early Tuesday having hit new highs above $40K recently. There are growing calls for regulation of digital currencies.
BVCI’s new digital currency offers many similar features to traditional payment options such as currency stabilization, payment, clearing and settlement features.
But for the more risk-averse, CADT is 100% backed by dollars held in custody by Concentra.
"Concentra Trust is excited to support BVCI with our custodial expertise to bring CADT to market," said Martha Moen, Head of Concentra Trust. "With the launch of a constant-value, safe, stable, traceable digital payment option, BVCI is enabling Canadians to transfer and transact with digital assets, whether they make small day-to-day purchases or larger transactions, such as paying for coffee or a real estate down payment."
Cooperation with vendors
Persuading Canadians to use a new app-based payment solution relies on convenience and being able to use the digital currency widely.
BVCI says it has agreements with consultants and industry leaders who will help onboard large clients in various industry sectors.
It has also reached cooperation agreements with food delivery platforms, film, television production and media companies; and is in discussion with many others to make CADT as widely accepted as possible.
Transactions are conducted via the firm’s BvcPay app with no fee for wallet to wallet transactions and low clearing fees.
