BVCI launches new Canadian stablecoin--CADT--with support from Concentra Trust
SASKATCHEWAN, SK, July 29, 2020 /CNW/ - Blockchain Venture Capital Inc. (BVCI) is pleased to announce the launch of CADT, a new digital currency in Canada, with the support of custodial services from Concentra Trust.
Leveraging BVCI's proprietary blockchain technology, CADT is a stablecoin anchored and pegged to the Canadian dollar. CADT is distinct from the cryptocurrency, stablecoin and centralized micropayment options currently available, in that users can exchange and redeem CADT into Canadian dollars, and vice versa. CADT incorporates many of the advantages offered by traditional payment options, including currency stabilization, payment, clearing and settlement features.
Users can access this contactless payment platform through the BvcPay mobile App. The App functions as a digital asset wallet, serves as a blockchain explorer, and supports the ability to exchange CADT with a US-dollar-backed stablecoin. CADT can also facilitate interchange with other digital currencies.
"We're excited about the opportunity to deploy CADT to an array of industries and users, including B2B and B2C," said Richard Zhou, President and CEO of Blockchain Venture Capital Inc. "With BvcPay and CADT, Canadians can easily make cashless payments without leaving their homes and be confident their funds are secure. They can realize the many benefits of using a digital currency that is consistent with Canadian financial markets and accounting systems."
"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 post-secondary education or a real estate down payment."
Key benefits of a decentralized asset transaction and payment application based on blockchain technology:
- One hundred per cent asset-backed: Each CADT is backed by a Canadian dollar held in custody in an account by Concentra Trust, a federally regulated Canadian financial institution. This stabilizes the value of the CADT.
- Transparent: The issued CADT and corresponding Canadian dollars are reconciled and published daily.
- Secure and trusted: BVCI is a financial services company incorporated in Ontario and supported by industry-leading advisors who have digital asset brokerage experience.
- Real-time: Clients can use the BvcPay mobile App to submit digital transactions on the blockchain 24/7/365, and exchange CADT to the Canadian dollar equivalent within three business days.
- Low fees: BvcPay charges lower transaction fees than other traditional payment channels.
Contributing cryptocurrency industry expert Matt Burgoyne of McLeod Law recognizes that stablecoins are a key part of the evolution of the digital asset industry, and sees productivity and security benefits for retail and institutional clients.
"As contactless payments have become the preferred method for both consumers and businesses alike, the questions of efficiency, cost and trust have come to the forefront," said Matt. "Stablecoins are increasingly popular in the digital-currency industry because they don't have the wild volatility associated with other crypto assets. They also offer incredible speed for businesses."
BVCI is able to process thousands of transactions per second using its propriety BVC-Chain, which is established on the most developed bottom blockchain technology and combines the strength of Ethereum and Ripple, compared to other competitors who can process just dozens of transactions per second. Speed is necessary for a viable commercial application.
The BvcPay App is a decentralized asset transaction and payment application based on blockchain technology and is available for download from the App Store and Google Play.
About BVCI
Blockchain Venture Capital Inc. (BVCI) is a financial services company with extensive legal and digital asset brokerage experience, incorporated in Ontario in January 2018. The company developed BVC-Chain, a public, decentralized Blockchain built on open blockchain technologies and leveraging the security, efficiency and transparency they provide. BVC–Chain offers solutions for smart agriculture, IP protection, supply chain finance, ID management, origin place tracking and retail industries. BVCI also developed BvcPay—a mobile App developed on BVC-Chain that functions as a digital asset wallet, blockchain explorer, and CADT, a digital asset that is 100 per cent backed by the Canadian dollar.
About Concentra Trust
Concentra Trust is a federally regulated trust company offering registered plans, personal and corporate trust services, and other specialized digital trust and custodial solutions across the country. Concentra Trust is a wholly-owned subsidiary of Concentra Bank. As Canada's leading provider of wholesale banking and trust solutions to credit unions, Concentra Bank partners with its clients and FinTechs to offer Canadians commercial lending, mortgages, securitization, foreign exchange, cash and treasury management, and leasing solutions. Concentra's purpose, "Creating the future of banking, to enable your success," commits the bank to improving its organization, communities and industry.
About McLeod Law – Cryptocurrency & Blockchain Group
Calgary, Alberta-based, McLeod Law has been at the forefront of Canada's digital currency community since 2013. Led by Matthew Burgoyne, the McLeod Law Cryptocurrency and Blockchain group's focus is on business transactions, securities, cryptocurrency offerings, blockchain and corporate finance-related matters. Our clients come to us for advice in a range of stages, from developing a bitcoin-related product or other cryptocurrency product, opening a cryptocurrency exchange with Canadian customers, to taking their cryptocurrency-based corporation public on a recognized Canadian stock exchange.
SOURCE Concentra
Media inquiries: Deborah Chatterton, Communications Director, P: 778.227.1544, E: [email protected] | concentra.ca; Janice Lee, Marcom Advisor, P: 778.988.9778, E: [email protected] | concentra.ca
Share this article