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VersaBank Partners with Stablecorp to Complete Development of Digital Currency Offering – Will Create Significant New Low Cost Deposit Source for VersaBank as it Experiences Record Loan Growth –
LONDON, ON, Feb. 24, 2021 /PRNewswire/ - VersaBank (TSX: VB) ( VersaBank or the Bank ), a North American leader in business-to-business digital banking and technology solutions for cybersecurity, today announced it plans to launch a strong encryption based digital currency (cryptocurrency) represented one-to-one by a Canadian dollar bank deposit with the Bank, to be known as VCAD. VCAD is expected to be the first digital currency to represent a fiat currency, as well as the first in the world digital currency issued by and backed by deposits with a North American bank. As such, VCAD will offer the highest level of stability and security amongst all digital currencies in the market today.