According to another recent report, Hedera Hashgraph, an emerging proof-of-stake public/permissioned network, has selected the cloud service of a major U.S.-based technology firm to deploy its Hedera network testnets.
blockchain development firm are reportedly engaged in discussions related to a potential merger between the blockchain development firm, which focuses on Ethereum applications, and the bank’s unit focused on the Quorum blockchain. In the Phase III contract, SIMBA Chain “will focus on commercialization and full-scale implementation of the platform.” Department of Defense (DoD).” The contract is a Small Business Innovation Research (SBIR) Phase III contract that is a follow-on to an earlier contract for a working prototype. Navy “to deploy a secure, blockchain-based messaging and transaction platform, a critical need of the U.S. StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.Blockchain Enterprise Applications Continue to Emerge Across IndustriesĪ press release late last week announced that blockchain startup SIMBA Chain has been awarded a five-year, $9.5 million contract with the U.S. “With the launch of QCAD, the Stablecorp team is filling a gap in the market that Bitvo customers have been searching for and requesting for some time.” “Bitvo is excited to be a part of the team bringing QCAD to digital asset traders, both retail and institutional,” said Pamela Draper, president and CEO of Bitvo. The company filed its preliminary prospectus for that fund in November, three weeks after its OSC approval. This balance, the company says, is published monthly and attested to by a third party.ģiQ, one of the companies behind Stablecorp, received approval from the Ontario Securities Commission (OSC) in October to launch the country’s first-ever regulated bitcoin investment fund. Stablecorp vows on its website to maintain a balance of Canadian dollar equal to the number of QCAD in circulation.
Last year was a rocky one in Canada’s cryptocurrency sector, with exchange firms like QuadrigaCX and the Einstein Exchange revealed to be mismanaging customer funds and skirting regulation.ĭesgagne said QCAD represents an opportunity to “set a new standard of transparency and auditability in digital currencies.” He added that he believes Canada Stablecorp will help drive trust and mass adoption of stablecoins. RELATED: With trust in crypto at an all-time low, 3iQ’s CEO talks regulator approval of bitcoin fund
In 2018, Bitfinex, a cryptocurrency exchange registered in the British Virgin Islands, was accused of creating Tether out of thin air in order to pump up the price of bitcoin. Tether, creator of the largest stablecoin by market cap, has previously been accused of being unable to provide audits for its reserves while continually increasing its supply by millions. The company states it can also provide a digital form of liquidity and funding for capital markets position settlement. “We are excited to be creating an important piece of financial market infrastructure for Canada that will serve the digitization of capital markets and provide a robust payment and settlement solution,” Desgagne said.Ĭanada Stablecorp states on its website that QCAD can be used for B2B transactions as well as institutional settlement in value-chains, such as automotive, oil and gas, and food. Jean Desgagne, CEO of Canada Stablecorp, called QCAD the first Canadian dollar stablecoin designed for the mass market. In November, the Blockchain Venture Capital launched CUSD, the first legally delivered USD-stablecoin in Canada. QCAD is now available on Bitvo, a crypto exchange platform. QCAD, which is built on Ethereum blockchain, represents the first product from Canada Stablecorp, which is based in Toronto.
Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the currency, relative to a “stable” asset. “We are excited to be creating an important piece of financial market infrastructure for Canada.” Canada Stablecorp, a joint venture between crypto asset manager 3iQ and blockchain developer Mavennet Systems, has launched QCAD, a new stablecoin cryptocurrency that is pegged to the Canadian dollar.
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