Blockchain Venture Capital Inc., a Canadian company created its own stablecoin, CADT, which is backed by the Canadian Dollar, in honor of Canada Day.
The CADT stablecoin is tethered at a 1:1 ratio with the Canadian Dollar, with the company claiming to have the reserves to back it up. The stablecoin was first announced in April, but at the time there was no official release date.
Blockchain Venture capital, the company that will issue the coin, is licensed by the Canadian Financial Services Department, having many years of experience in legal and digital asset brokering.
“As Canada Day is being celebrated across Canada, “CADT” was officially launched. Positioned as a first of its kind global stable coin anchored to the Canadian dollar, the CADT stable coin is expected to be widely used both in Canada and on a global scale, by individuals and businesses alike.”
CADT was compared to Facebook’s Libra Coin, as the stablecoin will be managed by BVC Network, an open and collaborative financial service platform.
“Consumers, developers and businesses can use the BVC Network to build products that can be applied in different payment scenarios (e.g. retail e-commerce, public services, cross-border trade and cross-border payments), providing such users the ability to add value in ways previously unattainable.”- read the release.
The report further revealed that BVI created a blockchain which merges the Ripple and Ethereum blockchains.
“CADT was developed by Blockchain Venture Capital Inc. (“BVCI”) （www.bvcadt.com, a Canadian company incorporated pursuant to the laws of Ontario. BVCI specializes in blockchain research and development.
BVCI has independently developed a public, decentralized blockchain (BVC Chain) that combines Ripple and Ethereum blockchains.”
We do not have enough information as to what elements BVI will take from Ripple and Ethereum, the only thing we know is that the blockchain will be public.
Featured Image: Coindesk
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