Earlier this year, we reported on Toronto-based fintech firm Stablecorp raising $2.5 million to expand and upgrade QCAD, its Canadian dollar-denominated stablecoin, in a round led by Coinbase Ventures and Side Door Ventures.
“Stablecoins are the most efficient rail ever devised to move money both domestically and globally, and it’s time that Canadians get the benefit of this financial services superconductor,” Alex McDougall, President of Stablecorp, remarked at the time.
This week, Stablecorp unveiled an additional $5M in capital.
The follow-on investment was led by FTP Ventures with participation from existing shareholders as well as new investors.
Fred Pye, Founder of FTP Ventures, says his firm’s vision is “to build the foundational rails for the future of finance in Canada.”
“We think that digital dollars represent the most efficient payment rail ever devised,” Pye said, “and this investment will accelerate our efforts to ensure Canadians and Canadian businesses can fully benefit from the speed, efficiency, and global access of a modern, digital economy.”
Stablecorp’s flagship product, QCAD, is a digital currency fully backed 1:1 by Canadian dollar reserves which are held in an arms-length trust with an independent trustee and are subject to regular transparency reports and third-party attestations—a structure designed to provide the highest standard of security and transparency for mission-critical applications.
The chief executive officer of Stablecorp, Kesem Frank, positions the latest capital raise as “another important step in scaling QCAD for the benefit of all Canadians.”
“It is imperative that Canada takes its place as a significant and strategic market for the growth of the digital asset economy,” the CEO stated, “and our development of a trusted and compliant Canadian dollar stablecoin is a critical piece of that puzzle.”
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