New capital will accelerate the rollout of QCAD, Canada’s fully-reserved, audit-ready stablecoin, to meet growing demand for compliant, 24/7 cross-border payments and digital capital markets.
Stablecorp, a leading Canadian financial technology company building bank-grade digital asset infrastructure, announced the successful closing of ~$5 million CAD in a strategic financing round. Stablecorp, who earlier this year, announced its previous round led by Coinbase Ventures, is dedicating this follow-on investment to accelerating the mainstream adoption of QCAD, and scaling its associated digital money infrastructure.
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The round, led by FTP Ventures, was comprised of both existing shareholders as well as new investors. “This financing is a powerful validation of our vision to build the foundational rails for the future of finance in Canada,” said Fred Pye, Founder of FTP Ventures. “We think that digital dollars represent the most efficient payment rail ever devised, and this investment will accelerate our efforts to ensure Canadians and Canadian businesses can fully benefit from the speed, efficiency, and global access of a modern, digital economy.”
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Stablecorp’s flagship product, QCAD, is a digital currency fully backed 1:1 by Canadian dollar reserves. These reserves are held in an arms-length trust with an independent trustee and are subject to daily transparency reports and monthly third-party attestations. This structure is designed to provide the highest standard of security and transparency, facilitating mission-critical applications such as on-chain foreign exchange, instant global payments, and innovative capital market solutions.
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“This is another important step in scaling QCAD for the benefit of all Canadians” said Stablecorp CEO, Kesem Frank. “It is imperative that Canada takes its place as a significant and strategic market for the growth of the digital asset economy, and our development of a trusted and compliant Canadian dollar stablecoin is a critical piece of that puzzle. Our backing by industry majors signals a shared vision for a multi-currency, easy to access, and regulated digital financial system.”
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Source: prnewswire