BVCI Launched the first commercial bank backed Canadian Digital Currency - CADT, with Support from Concentra Trust
TORONTO, Jan. 18, 2021 /CNW/ - Blockchain Venture Capital Inc. (BVCI) is excited to announce the launch of CADT, a new digital currency in Canada, with the support of custodial services from Concentra Trust.
Leveraging BVCI's proprietary blockchain technology, CADT is a stable currency anchored to the Canadian dollar. CADT is distinct from the cryptocurrency, stable currency and centralized micropayment options currently available, in that users can exchange and redeem CADT into Canadian dollars, and vice versa. CADT incorporates many of the advantages offered by traditional payment options, including currency stabilization, payment, clearing and settlement features.
Users can access this contactless payment platform through the BvcPay mobile App, available for Apple and Android. The App functions as a decentralized digital asset wallet, serves as a blockchain explorer, and supports the ability to exchange CADT into Canadian Dollars by linking to bank accounts. It can also facilitate interchange with other digital currencies.
BVCI has established partnership with a few consultants and industry leaders who will bring large clients in various sectors. BVCI also reached cooperation agreements with food delivery platforms, film, television production and media companies, in the process of negotiating with conventional POS processing companies, real estate developers, large retailers and shopping malls, trade unions, and charitable organizations.
"Concentra Trust is excited to support BVCI with our custodial expertise to bring CADT to market," said Martha Moen, Head of Concentra Trust. "With the launch of a constant-value, safe, stable, traceable digital payment option, BVCI is enabling Canadians to transfer and transact with digital assets, whether they make small day-to-day purchases or larger transactions, such as paying for coffee or a real estate down payment."
- 100% Asset-Backed: Each CADT is backed by a Canadian dollar held in custody by Concentra Trust.
- Transparency: All CADT issued and corresponding Canadian dollars are reconciled and published daily.
- Secure and Trusted: BVCI is a financial services company incorporated in Ontario and supported by industry-leading advisors who have extensive digital asset brokerage experience.
- Real-Time: Clients are able to use BvcPay App to submit digital transactions 24/7/365, with our technology of processing thousands of transactions per second.
- Low fees: BvcPay offers 0 fee for wallet to wallet transactions, and much lower clearing fees than other payment systems.
"Likewise, a bank may use stable currencies to facilitate payment transactions for customers on an INVN, including by issuing a stable currency, and exchanging that stable currency for fiat currency. In this context, stable currencies function as a mechanism of payment, in the same way that debit cards, checks, and electronically stored value (ESV) systems convey payment instructions. Banks have long used cashiers' checks, traveller's' checks, and other bearer instruments as a means of facilitating cashless payments." said in Interpretive Letter 1174 from OCC Chief Counsel's Interpretation on National Bank and Federal Savings Association Authority to Use Independent Node Verification Networks and stable currencys for Payment Activities on Jan 4th, 2021.
About BVCI
Blockchain Venture Capital Inc. (BVCI) is a financial services company with extensive legal and digital asset brokerage experience, incorporated in Ontario in January 2018.
About Concentra Trust
Concentra Trust is a federally regulated trust company offering registered plans, personal and corporate trust services, and other specialized digital trust and custodial solutions across the country. Concentra Trust is a wholly-owned subsidiary of Concentra Bank.
SOURCE Blockchain Venture Capital Inc.
For further information: [email protected], Blockchain Venture Capital Inc., Exchange Tower, 130 King Street West, Suite 1800, Toronto ON. M5X 1E3 https://www.bvcadt.com
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