updated: Jun 2, 2020 08:48 EDT
June 2, 2020 (Newswire.com) –
VirgoX announced that it will be partnering with Toronto based firm Canada Stablecorp to list QCAD, the first major Canadian dollar stablecoin on their exchange. Starting today QCAD will be available to buy, sell and trade on the VirgoX exchange platform. Initially, VirgoX will be offering QCAD as a trading pair to USDT but has plans to expand that to other major stablecoins including ones denominated in Asian currencies in the second half of 2020.
“VirgoX has a strong commitment to build the world’s first stablecoin trading center. It actively looks for stablecoin projects across different stages that are well-designed and likely to be adopted by global users both within and outside of the digital asset space. QCAD is the most promising Canadian dollar stablecoin that is backed by a team of experienced capital market professionals in Canada. It is our pleasure to work with the QCAD team and excited to be the first international exchange that lists and promotes QCAD. “ -Adam Cai, CEO of VirgoX.
This will be Canada Stablecorp’s first major international exchange integration and the launch of their first US dollar stablecoin trading pair. This integration with VirgoX will help to accelerate QCAD adoption internationally, enabling it to be the tool-of-choice to move funds in and out of Canada in a more efficient way.
“Canada Stablecorp is thrilled to bring QCAD onto the Virgo X platform as we truly believe in the promise and potential of establishing a venue to trade stablecoins against each other. This listing will provide the first major crypto native exchange rail between a Canadian Dollar Stablecoin (QCAD) and a US Dollar Stablecoin (USDT), a use case that we are very excited to be unlocking. The fiat FX market is the largest financial market in the world with over $5 Trillion traded daily. If we can help digitize and execute even a small percentage of that with Stablecoins, we would be helping and adding value to a significant number of companies and individuals.” – Jean Desgagne, CEO of Stablecorp
Over the last two years, stablecoins have seen a 415% gain in market capitalization, growing from $2.6 Billion in May of 2018 to over $10.8 Billion at the present day, according to CoinMetrics. This year the appetite for stablecoins has resulted in an additional $4 Billion added to the total market capitalization between February and May.
VirgoX will accelerate the establishment of a world Stablecoin trading center by launching a series of well-designed Stablecoins and incubate Stablecoin projects from early stages. With its complete ecosystem ranging from spot & contract trading, lending, global payments & remittance, traders can experience a full-functioning Stablecoin trading platform. VirgoX will launch more innovative products, such as Stablecoins empowered FX pairs, meeting the present needs of users and anticipating future demands.
VirgoX is a revolutionary one-stop Stablecoin focused digital asset trading platform inspired by global adoptions of Stablecoins and growing demands for integrated exchange services. VirgoX offers spot & contracts trading, crypto lending and multiple currency fiat onramp and offramp, all integrated into one place that truly meets users’ needs and beyond.
About Canada Stablecorp
Canada Stablecorp is a joint venture between 3iQ, Canada’s largest cryptoasset manager and Mavennet Systems, a leading firm in the blockchain development space. Canada Stablecorp’s first product QCAD, the first major Canadian Dollar Stablecoin was launched in February 2020, and is currently operating with 20 major ecosystem partners.