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Digital asset infrastructure provider Stablecorp has completed a strategic financing of approximately 5 million CAD, led by FTP Ventures.
According to a message from Deep Tide TechFlow on September 24, PRNewswire reported that digital asset infrastructure provider Stablecorp announced the completion of approximately 5 million CAD in strategic financing. This round of financing was led by FTP Ventures, with participation from existing shareholders and new investors.
The company's flagship product QCAD is a stablecoin fully backed 1:1 by Canadian dollars. The company previously secured funding led by Coinbase Ventures. The new funds will be used to accelerate the mainstream adoption of QCAD and the expansion of related digital asset infrastructure. QCAD reserves are held by an independent trustee in a separate trust, with daily transparency reports and monthly third-party attestations.
Fred Pye, founder of FTP Ventures, stated that the digital dollar represents the most efficient payment rail in history. Kesem Frank, CEO of Stablecorp, said this is an important step in expanding QCAD to benefit all Canadians, and Canada needs to occupy an important strategic position in the growth of the digital asset economy.