Stable Corp, a leading Canadian fintech firm and a partner in the creation of Canada’s first digital currency (known as Digital Deposit Receipts or DDR), has raised more than $1.5 million in growth capital from equity partners including Circle Ventures, Genesis, and the Stellar Development Foundation.
Stable Corporation Receives Significant New Funding
Alex McDougall, president and chief operating officer of Stable Corp, stated in an interview:
“We are thrilled to welcome Circle Ventures, Genesis, and the Stellar Development Foundation to our network of partners and investors. These forward-thinking companies are some of the most sophisticated and knowledgeable organizations in the cryptocurrency ecosystem, and we are gratified that they share our vision for the central importance of DDRs as a bridge between fiat currencies and the digital financial framework of the future. With their involvement, we will continue to work toward a financial system in which the unique benefits of blockchain technology create value propositions that are simply better than traditional alternatives.”
Dante Disparte, Circle’s chief strategy officer and head of global policy, also added his two cents, saying:
“Stable Corp has rapidly established itself as a leading innovator in expanding on-chain financial infrastructure to companies, institutions, and individuals who want to transact in digital currency linked to the Canadian dollar. As the issuer of USD Coin (USDC), one of the fastest growing dollar digital currencies, Circle is highly supportive of Stable Corp’s mission of expanding the benefits of stable digital currencies to every market across the globe. Stable Corp has provided a powerful model of how this goal can be accomplished through its development of VCAD with Versa Bank, and its position as a unique company with cutting-edge blockchain technology capabilities made this Circle Ventures investment an easy decision for us.”
Opportunities for Development
Finally, Joshua Lim, Genesis’ managing director and head of derivatives trading, stated:
“Stable coins, and now Digital Deposit Receipts, have played a crucial role in the growth of digital asset lending around the world, enabling firms like Genesis to expand our offerings beyond shorting and hedging to much broader use cases across the lending and derivatives spectrum. Stable Corp is charting a path for broader adoption of DDRs linked to the Canadian dollar, enabling crypto lenders to serve significant cross-border markets with much greater efficiency, transparency, and speed. Stable Corp’s standout technology and product vision were key determining factors for us in making this investment, and we are pleased to partner with them to shape the future of DDR-based financial services across the globe.”
Stable Corp intends to use the funds obtained to build a long-term bridge between the worlds of crypto and traditional finance and banking. Furthermore, the company intends to concentrate on near-term growth plans in the areas of decentralized finance (defi), yield generation, payments, and remittances.