DeFi (DEFT) Climbs 59% on Stablecoin Approval

We recently published 10 Small Caps With Big Double-Digit Gains. DeFi Technologies Inc. (NASDAQ:DEFT) is one of the top performers of last week.

DeFi Technologies jumped by 59.16 percent week-on-week, as investors cheered the approval of its own stablecoin.

In a statement last week, DeFi Technologies Inc. (NASDAQ:DEFT) said that its venture portfolio company, Canada Stablecorp Inc., and the QCAD Digital Trust have secured regulatory approvals for its QCAD stablecoin, making it Canada’s first compliant CAD stablecoin.

Following the approval, DeFi Technologies Inc. (NASDAQ:DEFT) said that it intends to focus on scaling QCAD across three core areas: product development, liquidity and market access, as well as security and future-proofing.

DeFi (DEFT) Climbs 59% on Stablecoin Approval

Through Valour Inc., DeFi Technologies Inc. (NASDAQ:DEFT) said that it would develop QCAD-integrated products, including CAD-linked ETPs, yield products, and structured solutions that provide regulated access to the digital asset economy for retail and institutional investors.

It would also partner with BTQ Technologies Corp. to ensure a post-quantum security roadmap for QCAD.

“QCAD’s approval as Canada’s first compliant CAD stablecoin is a pivotal milestone for Stablecorp and for the Canadian digital asset market,” said DeFi Technologies Inc. (NASDAQ:DEFT) Chairman and CEO Johan Wattenstrom.

“Having a fully regulated Canadian-dollar rail fits squarely within our strategy of backing category-defining infrastructure and allows us to support QCAD’s growth across our platform and our broader institutional network.”

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Disclosure: None. This article is originally published at Insider Monkey.