Stablecorp Announces Closing of C$2mm Strategic Consortium Financing Round to Launch World's First Bank-Issued Deposit-Based Digital Currency
Toronto-based Stablecorp is partnering with a consortium of highly strategic investors led by Canadian Schedule 1 Bank VersaBank, DV Private Investments, Borderless Capital and a major U.S. Bitcoin financial services firm. These new consortium members will join existing strategic investors 3iQ and Mavennet to launch VCAD and catalyze growth of next generation financial infrastructure globally.
TORONTO, Feb. 25, 2021 /PRNewswire/ - Stablecorp, the pioneer behind Canada's first production stablecoin QCAD, announced today the closing of a highly strategic C$2mm funding round and the launch of a new product VCAD. VCAD will be issued using VersaBank's VersaVault technology and backed 1:1 by deposits held within VersaBank, making it unique in terms of auditability and transparency in the global stablecoin space. The funding round also includes DV Private Investments, the investment arm of a leading North American digital asset liquidity provider and market maker; Borderless Capital, a venture capital fund focused in the fintech space and leveraging the Algorand ecosystem; and a leading U.S. Bitcoin technology and financial services firm; These new investors will join founding strategic investors 3iQ, Canada's leading digital asset manager and Mavennet, a Canadian leader in blockchain development.
"The Canadian and Global financial markets infrastructure is long overdue for a significant upgrade and this strategic integration between the traditional banking system and next generation blockchain technology providers is an excellent catalyst for this evolution" said Jean Desgagne, CEO of Stablecorp. "The consortium we are announcing today, in addition to our founding shareholders, combine connectivity and vision across the full spectrum from traditional financial institutions to next generation decentralized finance and position Stablecorp as one of the leading financial technology providers globally."
"The potential for truly trusted digital fiat equivalents is exciting" echoed 3iQ CEO Fred Pye "from new opportunities in trading execution and FX to decentralized finance and yield generation, we view this new suite of solutions from Stablecorp as critical to 3iQs evolution as the premier digitally-native asset manager globally".
"As Canada's leading market maker and liquidity provider for digital assets, we are highly aligned with Stablecorp's vision of connected digital fiat integration in Canada and globally and look forward to building with the team and consortium" continued Dino Verbrugge, Co-Owner of DV Private Investments.
David Garcia, CEO and Managing Partner of Borderless Capital mentioned "We are excited and proud to back Stablecorp and how the team is disruptively combining the power of stable digital money with the technological superiority of the Algorand Blockchain."
David Taylor, President and CEO of VersaBank concluded "VersaBank was the first digital bank nearly 30 years ago and has continuously been a pioneer in digital banking in the decades since. Digital currencies are the natural evolution of the world's payment systems, and the launch of VCAD is a natural extension of our digital banking operations. We are proud to work with our partner, Stablecorp, on this industry first."
Stablecorp, in conjunction with consortium partners, will be executing highly targeted near-term growth strategies in decentralized finance, yield generation, foreign exchange, payments, settlement, remittances and digital asset trading space. Stablecorp, in partnership with VersaBank, will also be pursuing global expansion into additional deposit-based stablecoins.
In connection with the launch of VCAD, a transition plan from QCAD to VCAD will be forthcoming. In the interim, QCAD will continue to be available for purchase and sale through the Stablecorp network of authorized dealers. QCAD will continue to be backed 1:1 by Canadian Dollars held by an independent custodian at a Canadian bank.
About Canada Stablecorp
Canada Stablecorp is a joint venture between 3iQ, Canada's largest cryptoasset manager and Mavennet, a leader in blockchain development. QCAD was Stablecorp's first product release and is a digital asset with the stability of the Canadian dollar and backed by Canadian dollars. Launched in February 2020, QCAD was the first ever major Canadian-dollar Stablecoin designed for the mass market. For more information visit our website at https://www.stablecorp.ca.
SOURCE Canada Stablecorp Inc.
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