TORONTO, ON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Blockchain Venture Capital Inc. (CSE: BVCI) (the "Company" or "BVCI"), a provider of technology infrastructure to the emerging blockchain and distributed ledger technology industry, today announced it has successfully bridged its proprietary BVC Chain -- a private blockchain platform and distributed ledger technology -- with Polygon, a public blockchain platform designed to create a multi-chain blockchain system compatible with Ethereum. The development of this prototype paves the first step, subject to the necessary regulatory approvals being obtained, toward trading capabilities between BVCI’s CADT stablecoin and many other cryptocurrencies.
BVCI’s CADT stablecoin is the first stablecoin in Canada to be fully backed by Canadian dollars held in custody by a federally regulated Canadian financial institution. BVCI’s CADT stablecoin is designed to reduce and/or eliminate the volatility often associated with Bitcoin and most other non-stablecoin cryptocurrencies.
Subject to approval from Canadian securities regulators, BVCI’s CADT stablecoin could, in the future, be purchased and traded on select cryptocurrency trading platforms that are registered as securities dealers in compliance with Canadian securities laws.
The Company has commenced the preparation of a monthly reconciliation statement between the Canadian Dollars held in escrow with a recognized Canadian financial institution and the company’s CADT stablecoin currently in circulation. The Company intends to publish this statement on the BVCI’s official site and on the 15th day of every succeeding month.
In recent years, stablecoins -- a type of cryptocurrency originally designed to maintain a stable value relative to a traditional currency or asset -- have emerged as a popular alternative to traditional cryptocurrencies as they offer the benefits of cryptocurrencies while intending to reduce volatility.
The Company’s BvcPay mobile app enables users to submit CADT digital transactions on the blockchain 24/7/365, allowing them to exchange CADT for the Canadian dollar equivalent within three business days and to receive low-fee cost transactions as compared to traditional banking methods.
“We are thrilled to have accomplished the bridge of our BVC Chain platform with the public Polygon blockchain platform,” said BVCI President and Chief Executive Officer, Richard Zhou. “This milestone opens the opportunity, subject to regulatory approval, for our CADT stablecoin to be traded with most other major cryptocurrencies.
“As the first stablecoin in Canada to be directly and immediately connected to a traditional financial institution, thereby ensuring real-time verification and transparency, our CADT has the opportunity to take the lead in the industry and, through the Company’s cooperation with Canadian regulators, realize substantial compliance in Canada and various parts of the world,” added Mr. Zhou. “Such a process, we believe, would result in substantial revenue for BVCI.”
About the Company
BVCI is an Ontario incorporated company and is registered as a money service business with the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). It is a provider of an innovative technology infrastructure to participants in the emerging blockchain and distributed ledger technology industry. Instrumental to BVCI's business and growth strategy is BVC Chain, a proprietary blockchain platform and distributed ledger technology, which can operate as a centralized or decentralized ledger. BVC Chain was designed to be a turnkey solution, which can be customized and implemented by organizations wishing to deploy blockchain platform based solutions, products or services. BVC Chain will also serve as the platform and infrastructure for BvcPay and CADT. BvcPay is a cloud based mobile application that is intended to have the capability to function as a Digital Currency wallet and which can facilitate point of sale and online transactions using Bitcoin, Ethereum and CADT. CADT is the native Digital Currency of the BVC Chain, and it is intended to be a stablecoin. BVCI is expected to issue CADT, a cryptographic stablecoin supported on a 1:1 basis with an equivalent amount of Canadian dollars held in custody with, and digitally linked to, a Canadian financial institution. CADT is expected to support real time pricing, payment, settlement, digital asset issuance and ledger capabilities.
Unless and until BVCI obtains the necessary regulatory approvals or unless it can rely on an exemption from the prospectus and registration requirements in furtherance of the issuance and trading of CADT, there is no assurance BVCI will be able to pursue its proposed CADT business or any related BvcPay business that relies on CADT.
Although the term “stablecoin” is commonly used, there is no guarantee that CADT will maintain a stable value in relation to the value of the Canadian dollar once tradeable or that the reserve of assets will be adequate to satisfy all redemptions once redemptions are possible.
Forward-Looking Information and Statements
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to statements related to: the Company's business plans and strategies; and the Shares for Debt Transaction. Such statements reflect the current expectations of the management of the Company with respect to future events based on currently available information and are based on certain assumptions and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in the Company's listing statement, which is available on www.sedar.com., and in other continuous disclosure documents that are filed by the Company from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent and investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. The Company does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release nor have they approved or disapproved of the content hereof.
For Media and Investor Relations
Blockchain Venture Capital Inc.
Richard Zhou, President & CEO
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